Major cities around the world are building dedicated cryptocurrency and blockchain zones to promote the development of the sector. The latest country to announce the possible launch of such a zone is South Korea. According to a local media report, South Korea intends to open a blockchain center in the city of Busan. Inspired by the Swiss “crypto valley” in Zug, the Koreans designed a “crypto beach” (Crypto Beach).
Oh Yoon Jen, Chairman of the Korean ICT Financial Association, spoke at the global blockchain conference in Seoul, where he spoke about the country's plans:
“We need a place where we can concentrate cryptocurrency activities in the country, like Crypto Valley in Switzerland. I looked around the coastal parts of the city of Busan and decided to place a crypto beach in Haeundaegu (a prestigious area of the city). We are planning to hold a conference and discuss the project with the authorities Busan.”
Oh Yoon Jen also expressed concern about the lack of government understanding of the capabilities and potential of cryptocurrencies and blockchain technology. He added that due to such short-sightedness, Korean companies are forced to issue their tokens abroad. According to him, the association plans to discuss the project with Busan authorities on August 30, 2018.
Korea Admits Brain Drain
In May 2018, South Korean officials acknowledged a talent drain after several cryptocurrency companies left the country and set up successful businesses in Singapore or Switzerland.
The National Assembly of Korea has proposed official guidelines for allowing and regulating ICOs and other digital projects, adding that the government has “neglected its responsibilities,” resulting in its failure to create an enabling environment for business development.
Countries are beginning to recognize the economic consequences of moving away from cryptocurrencies. In addition to creating new jobs, such companies generate taxes and attract talented employees, which is undoubtedly useful for any government.
Switzerland and Dubai have already taken the first steps in this direction: they opened a crypto valley and a “Special Economic Zone”, respectively. While Switzerland is exploring the possibilities of technology for its application in postal, banking systems, as well as in the voting system, Dubai allows crypto exchangers to operate on the principles of complete tax-free operation, and in March 2018 they launched tourism market based on blockchain.
China still bans cryptocurrency trading in its country, however promotes the development of blockchain technology. In 2017, the Chinese government invested $1.6 billion in creating a blockchain center in Hangzhou and included development of the technology on its five-year agenda. The government recently said that the economic value of blockchain could “exceed the value of the Internet by ten times.”
According to btcmanager
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