South Korea Budgets $880 Million for Tech Including Blockchain

The South Korean government will invest over $880 million next year in order to boost the development of innovative technologies including blockchain.

AccessTimeIconAug 16, 2018 at 6:30 a.m. UTC
Updated Sep 13, 2021 at 8:17 a.m. UTC

The South Korean government will invest over $880 million next year in order to boost the development of innovative technologies including blockchain.

According to a government release on Tuesday, deputy prime minister Kim Dong Yeon hosted a ministerial meeting on Aug. 13 to address the administration's investment plan for innovation growth in the next five years.

Data disclosed on the website of the Ministry of Economy and Finance shows that the government is set to allocate 1 trillion won (about $880 million) in 2019 – an 80 percent growth compared to that in 2018 – for technologies including blockchain, big data and AI. Further, the authority said it will invest a total of $8–9 billion in the same areas over the coming five years.

The goal is to "focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy," according to the statement.

The high-level investment plan doesn't yet provide a breakdown for how the funds will be allocated across the different sectors.

The budget plan follows previous indications from the Ministry of ICT that it will allocate $9 million in 2019 for blockchain startups. CoinDesk reported in June that the Ministry of ICT is working with other government agencies to develop six pilot programs that will adopt blockchain in major public services.

Korean won image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.