The government of South Korea to 2019 intends to allocate funding on the blockchain projects $9 million, though this year for such expenses was provided by $3.8 million, According to local media reports, the Korean Agency for Internet and security (KISA), which operates under the supervision of the Ministry of information and communication technologies, next year will increase the number of pilot blockchain projects in the public sector to 12, when the current six, and will support three private blockchain projects.
Ideas for new projects will be selected on the hackathon in December, and in November it is expected to outcome of current pilot programs. The purpose of KISA is to identify effective working models in the public sector to present their business sector with long term government support.
Recall that in July, the financial services Commission (FSC) of South Korea decided to create a Bureau of financial innovations, completely dedicated to blockchain industry. As explained by the financial regulator of Korea, the new Department will help in the development of the FINTECH industry in the country, focusing on cryptocurrencies and blockchain technology.