South Korea’s ‘Bit-Island’ Jeju Publicizes New Blockchain Initiative


South Korea’s “Bit-Island” Jeju introduced the Blockchain Hub Metropolis Growth Analysis Service on Aug. 13.

An island with blockchain ambitions

Native information outlet JejuDomin reported on Aug. 14 that Jeju introduced the Blockchain Hub Metropolis Growth Analysis Service on Aug. 13. Moreover, the writer of the report said that cloud providers supplier Tilon will carry the analysis. Per the report, the price range meant to cowl the prices of the undertaking quantities to 175 million received (almost $145,000).

In April native information outlet BusinessKorea reported that Busan — South Korea’s second most populous metropolis — has been picked over Jeju as the popular location for South Korea’s blockchain regulation-free zone. 

The island that doesn’t give up

Jeju beforehand hoped to turn out to be the native preliminary coin providing (ICO) hub, after being granted the standing of regulation-free zone. Nonetheless, the most recent developments present that the island continues to be preventing for relevance within the blockchain and cryptocurrency business.

As a part of the undertaking, events concerned will reportedly analyze and examine superior use instances for blockchain know-how and derived providers, and likewise develop a blockchain service mannequin appropriate for Jeju Island. Future technique director of Jeju Island Noh Hee-seop commented on the event:

“We anticipate that this analysis service will contribute to the institution of Jeju as a blockchain hub metropolis that maximizes the potential of blockchain know-how, the core know-how of the 4th Industrial Revolution.”

After first banning ICOs in September 2017, South Korean state monetary regulator the Monetary Companies Fee announced that it’s going to not elevate its ban on ICOs within the nation on the finish of January. 

Busan appears to be like to launch native crypto

As Cointelegraph reported in July, Busan metropolis authorities are in search of to develop a blockchain-based digital foreign money undertaking in collaboration with BNK Busan Financial institution, a subsidiary of native holding firm BNK Monetary Group.

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