South Africa’s Central Bank Wins Award for its Ethereum Payments Blockchain

Central Banking, a global central banking forum, has bestowed its FinTech & RegTech Award for Best Distributed Ledger Initiative to South Africa’s central bank for its successful Project Khokha, which successfully used an Ethereum blockchain platform to process interbank payments and settlements. The test demonstrated that distributed ledger technology (DLT) can enable digital as opposed to analog transaction processing, offering significant improvements for global transactions. Central Banking noted on its website that the test’s success demonstrates the need for regulators to address banks’ security and privacy concerns to improve global…

South Korean Official Proposes Greater Cooperation for Global Crypto Regulation

An official from South Korea’s Financial Supervisory Service (FSS) has proposed greater international cooperation between regulators for crypto and Initial Coin Offering (ICO) regulation, local news outlet Asian Economic TV reports Friday, September 7. Yoon Suk-heun, governor of FSS, made a statement about the potential for more cooperation during the opening ceremony of the 20th Integrated Financial Supervisors Conference (IFSC) held in Seoul Thursday, September 6, and attended by officials from 15 countries. The South Korean official stressed that country’s main aim is to “improve transparency in transactions to prevent…

Belarus Seeks South Korean Investors Interested in Blockchain and Fintech

Belarusian diplomats are seeking South Korean investors for the country’s growing blockchain and fintech industry, Korea JoongAng Daily reported September 6. During a visit to Seoul on Tuesday, the deputy foreign minister of Belarus Andrei Dapkiunas reportedly stated that Belarus endeavors to establish relations with Korean investors interested in “fourth industrial revolution” technologies, including blockchain and artificial intelligence (AI). In an interview with Korea JoongAng Daily, Dapkiunas noted that Belarus has developed “groundbreaking state legislation” in the IT sector, and said that the country is “making innovative strides on blockchain,…

South Korea Post Service Seeks Crypto ‘Know-How’ From Goldman Sachs

South Korea’s national postal service Korea Post (KP) will meet with Goldman Sachs executives to gain “know-how” about cryptocurrencies, Bloomberg reported Wednesday, September 5. The service, which oversees an investment fund of $112 billion, said a meeting about crypto had already taken place with Goldman’s incoming chief executive, David Solomon, in New York. Speaking to the Bloomberg in an interview, the post service’s president Kang Seong-ju confirmed that  KP officials would also travel to Hong Kong to meet with Goldman’s dedicated cryptocurrency team there, which the banking giant set up…

South Korea Internet and Security Agency to Double Blockchain Project Budget in 2019

The Korea Internet and Security Agency (KISA), a sub-organization of the South Korean Ministry of Science and ICT, has announced plans to expand public blockchain pilot projects to revitalize the domestic blockchain market, ZDNet Korea reports September 4. The South Korean government plans to spend about $9 million to spread blockchain projects throughout public and private sectors. This year, the government has spent around $3.8 million on the blockchain projects. The goal is to find efficient cases in the public sector and to identify the best options, bringing them to…

South Korean Gov’t Partnership Begins Training 40+ Blockchain Professionals

South Korea has begun a six-month training course to turn forty-two applicants into “blockchain specialists,” local media report Monday, September 3. Aiming to increase the availability of skilled professionals in South Korea’s burgeoning blockchain economy, the course is the result of a three-way partnership between the Ministry of Technology and ICT, the Korean Standards Association (KSA) and the Hong Kong-based blockchain and IoT startup Waltonchain. The course will focus on preparing participants for “immediate” employment upon completion in January 2019. “We will provide a one-stop support for employment and business…

South Korean Province to Issue Own Coin as Gov’t Says Crypto Should Be ‘Accepted’

The government of a South Korean province will issue its own blockchain-based digital currency in a move to replace a state loyalty scheme, local media first reported Monday, August 27. Officials in Gyeongsangbuk-do will partner with blockchain startup Orbs to create Gyeongbuk Coin, which it will roll out to consumers in lieu of the existing “Hometown Love Gift Cards.” Gyeongsangbuk-do includes South Korea’s fourth-largest city, Daegu, with Gyeongbuk Coin set to see merchant acceptance across the region. “There are still many problems to be solved by notifying merchants of the…

South Korean eCommerce Startup Raises $32 Million to Create Crypto Stablecoin

South Korea e-commerce marketplace Ticket Monster (TMON) revealed it had closed a $32 million funding round for its new stablecoin Terra in a press release Wednesday, August 29. TMON, which boasts a considerable $4 billion in total sales, is seeking to create an in-house cryptocurrency to compliment its existing token, Luna, which acts as collateral on its blockchain platform. Contributing to the round are some of the cryptocurrency industry’s best-known names, including Binance Labs, OKEx and Huobi Capital, as well as funds including Polychain Capital. “From experience, I know that…

South Korea Gov’t Sponsors Blockchain Hackathon in Fresh Public Awareness Drive

South Korea continues its drive to promote and expand uses for blockchain, announcing a hackathon to bring new ideas from the public Monday, August 27. The brainchild of the Korea Internet & Security Agency (KISA) and Korea IT Industry Promotion Agency (KIPA), the event is now accepting applications and will run in late November as part of the state-sponsored ‘Blockchain Promotion Week.’ Also supporting the scheme is the Korean Ministry of Science and ICT, which has begun a comprehensive blockchain awareness program stretching into 2019. According to local news outlet…

New ‘Blockchain Law Society’ Will Examine Legal Frameworks in South Korea

As South Korean lawmakers discuss regulations and guidelines for the cryptocurrency sector, a group of domestic blockchain experts will establish a new society to study the legal aspects concerning the decentralized technology. Dubbed the ‘Blockchain Law Society’, the new organization will officially launch this Friday, August 24, according to a report from local publication Yonhap. The collective will see a group of blockchain experts vying to propel studies on the legal aspects surrounding blockchain technology and promote it for various applications in a number of sectors. “Blockchain Law Society was…