November 23, 2018  •   Events Momentum News Updates

Eyal Oster initiated in ‘Special Blockchain Committee’

South Korea’s Gyeongbuk Province to Create Blockchain Hub.

Last week in South Korea: Eyal Oster, Momentum Protocol President and Founder, was initiated as a member of the Blockchain Advisory board for Gyeongbuk province. With the foundation of the committee Gyeongbuk province hopes to stimulate the development of a local blockchain hub. Forty domestic and foreign experts in the industry will consult Gyeongbuk province on the project.

Lee Cheol-uoo – a former member of the National Assembly of South Korea and current governor of the province – explains that a specific aim of the committee is to attract investment for blockchain related businesses in the region. He notes:

“In order to nurture the blockchain industry, we will work with the special committee, composed of domestic and international experts, to preemptively respond and establish strategies.”

The creation of the committee is big national news over there – over 80 news outlets reported on the event. It is just the latest in exciting developments in the Blockchain-spheres for the Gyeongbuk province. In August, Gyeongbuk even launched its own crypto-currency, Gyeongbuk Coin.

As a whole, South Korea has become one of the top markets for cryptocurrencies worldwide. The regional developments in Geyongbuk are part of wider government efforts to develop blockchain technology and industry related to distributed ledger technology (DLT) on a nation-wide scale. To increase efforts, the South Korean government has now tripled the budget for Blockchain projects, investing $35 million in 2019.

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