Korea Blockchain Enterprise Promotion Association Envisions New Crypto City

By Rishma Banerjee

The Korea Blockchain Enterprise Promotion Association (KBEPA) recently stated that there was a special need for a ‘specialised Crypto-Valley District,’ which they would get from the city of  Gwangju, their sixth largest city. This dream, as envisioned by the association is to be brought about in collaboration with the Universal Group and is expected to be a sector which will facilitate the creation of a lot of jobs. The next step for them is to find an audience with Lee Yong-Sub, the mayor of Gwangju, as well as other politicians in the city. As per reports, they said:

“We plan to meet Mayor Lee officially to deliver the recommended plans to announce and transform Gwangju into a special governing city for cryptocurrency. We also plan to meet the Councilperson Kim Dong-Chan to ask for support.”

In South Korea, the reception of cryptocurrencies is lukewarm, where the general consensus, though not against it, still believes that the problem of unemployment should be tackled by the manufacturing sector. However, the idea of the blockchain group is quite different as they are picturing the creation of close to 1 million jobs as a result of the creation of this crypto valley.

Universal Group’s chief executive, Kim In-Ki provided examples of several other regions that had benefited tremendously due to the adoption of blockchain technology.

“Estonia and Malta have been the forerunners of the 4th industrial revolution by successfully attracting global blockchain corporations to invest in their cities, and they have enjoyed astronomical rises in the number of jobs created. Our government has attempted to create new jobs by myopically focusing on the manufacturing- auto or  shipbuilding- industry, overlooking the rise of the 4th industrial revolution.

The KBEPA also said that unnecessary and unfair regulations were also resulting in the inhibition of the growth of this sector, and the setting up exchanges by some local companies in foreign lands. Not classifying startups in the cryptocurrency and blockchain sector as venture firms also result in them not enjoying tax breaks.