South Korea To Turn City Of Gwangju Into A Specialized Crypto-Valley District

The blockchain association of South Korea is in our blockchain news today for its intentions to turn the City of Gwangju into a ‘’specialized Crypto-Valley District.’’

According to the Korea Blockchain Enterprise Promotion Association, trying to convert the sixth largest city into a crypto hub will provide hundreds of jobs for the people of Gwangju. In order for this to happen, the blockchain association partnered with Universal Group need to meet with the mayor of the city:

‘’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.’’

The blockchain lobby group is focused on the manufacturing industry for more jobs to be created because according to researches, turning the city into a crypto hub will create about one million new jobs.

Kim In-Ki who is the Chief Executive of Universal Group pointed out that the city could become one of the best destinations for blockchain businesses as Malta and Estonia are in the moment:

‘’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 4th industrial revolution.’’

However, the South Korean government has a pretty unclear stance on cryptocurrencies and the blockchain lobby groups pushes to make the government create a better regulatory framework.