South Korea will soon introduce a Blockchain technology park named as the “Crypto Beach”

Satoshi Nakamoto’s brainchild a.k.a the Blockchain technology is no more a secret practice among geeks but an acknowledged method of a futuristic security system. Although it’s the building block of cryptocurrencies, it has been widely accepted by several countries in different genres. Recently, at the Seoul “2018 Global Blockchain Conference,” chairman of the Korea ICT (Information and Communication Technology) Financial Convergence Association Oh Jung-geun revealed that he has planned to create a blockchain space, just like the “Crypto Valley” situated in the Swiss canton of Zug.

He declared “We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland”. According to an article published in Cointelegraph, the supposed “Crypto Beach” space will be located at Haeundae, Busan. This planned construction area at eastern Busan, South Korea is a tourist attraction and also bears a significant commercial importance. As Oh Jung-geun said , the association will make a deal with the Busan authorities on Aug. 30.

As of now, Switzerland has been the most blockchain friendly country and Swiss Crypto Valley, a state-backed blockchain consortium is at the core of their strength. The country’s recent progress is remarkably dependent on the blockchain platform. In fact, according to the authority of the city, it will test the first ever blockchain-powered municipal voting this summer.

Compared to that, the government of South Korea has shown pure ignorance with the recent ban on ICOs. Oh Jung-geun expressed that the South Korean Blockchain should launch Initial Coin Offerings overseas to counter the authority’s negligence towards upcoming technologies.

Notably, South Korean financial authorities established a ban on ICOs and prohibited private domestic companies and startups from investing in it. However, this restriction was pricey for the government since some of the young and talented resources shifted to other countries. To address that, the lawmakers are reportedly working on legislations to remove the existing ban.