South Korea Invests In Blockchain And 5G

As part of the new government policy, the country hopes to invest 20 trln won ($17 bln) in blockchain technology, along with other projects, according to the Korean Times. The new policy, named the "Korean New Deal Fund," will focus on blockchain and 5G technology projects, according to the report.

The South Korean government has said it sees a great opportunity in blockchain technology. The country believes that the blockchain sector has a growth potential of 80% annually. Blockchain is still a very young industry and Korea isn't the only country exploring this technology. For example, Singapore has fully adopted this technology and has successfully completed its digital multicurrency blockchain network known as Project Ubin.

South Korea plans to host events next month to build investor relations with private firms so that investors can better understand the potential benefits they will receive from government-led investment. The authorities will announce the selected fund manager in December, and operations for shortlisted companies will begin in January 2021.

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