South Korean Government Has Plans to Nurture Blockchain Unicorns

Source: Adobe / s_lena

A South Korean minister has spoken about the government’s intention to promote “blockchain unicorns” as part of its medium-term strategy to fuel growth and mitigate the devastating effects of the coronavirus pandemic on the country’s small and medium-sized business sectors.

Per Media broadcaster E Daily, Park Young-sun, Minister for Small and Medium Enterprises and Startups said:

“Blockchain technology will gain in importance in the post-coronavirus era. Blockchain ventures and startups will be able to grow in the future. We will try to create an ecosystem that will make this possible. “

Speaking at a blockchain conference in the South Korean capital, Seoul, Park said she hoped the summit would be “the starting point for starting blockchain unicorn companies” and help revitalize the government-run Blockchain Free Regulatory Zone, up and running in the port city of Busan.

Park also discussed the possibility of making policy choices that would help blockchain technology companies grow and work in parallel with other Industry 4.0 contactless innovations.

The SMB sector is expected to bear the brunt of the post-coronavirus economic impact in the country. Many export-oriented companies are already facing possible ruin as orders are falling.

Park’s comments came shortly after the minister’s recent praise for blockchain-based payment platforms. The one advocated by the government Zero pay The platform is slated for a major upgrade with blockchain technology to enable merchants, vendors and buyers to make and receive “commission-free” payments.
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