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South Korean Gov’t Announces Second Study Group for Blockchain Regulations

The South Korean Ministry of Science and ICT goes to run a follow-up find out about on blockchain laws, in keeping with a Yonhap Information record on Would possibly 21.

The find out about is named the “Blockchain Law Growth Find out about Workforce” and is a part of an initiative run via the federal government’s science and tech arm to determine how laws might be stepped forward in order that blockchain tech may succeed in common institutional adoption.

The Blockchain Law Growth Find out about Workforce was once introduced in June of ultimate yr, and to begin with interested in making improvements to prison laws referring to blockchain tech akin to non-public privateness, good contracts, digital paperwork and virtual signatures, and the applying of allotted computing techniques.

This yr’s analysis team will center of attention on 5 institutional spaces the place blockchain tech can succeed in common adoption: logistics and distribution, public services and products, healthcare, finance and effort.

Seoul, the capital of South Korea, will reportedly upload blockchain era to its citizen playing cards. This tech will purportedly permit the cardboard holders to simply test their id and get right of entry to administrative services and products.

Seoul Mayor Park Gained-soon remarked that Seoul has additionally already applied different blockchain-based administrative services and products, akin to cell e-voting. Additionally, the federal government of Seoul has mentioned that it has earmarked over $1 billion to fund blockchain and fintech startups over the following three years.

As in the past reported via Cointelegraph, governments in international locations all over the world are making plans or enforcing blockchain methods for financial construction, together with New Zealand, Germany, Australia, and the United Arab Emirates (UAE).

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