Report: South Korea is making slow progress in establishing relevant systems for blockchain technology

A new industry report says the South Korean government needs to develop laws and systems related to blockchain technology and cryptocurrencies to encourage companies to invest in the blockchain industry. The report, jointly published by the BC Card Digital Institute and the KT Economic Management Institute on August 21, states that the current limitations of the blockchain – such as lack of scalability and support for Internet of Things (IoT) devices – are reported. – Will be overcome through technological advances, paving the way for innovations in trust-based areas such as public services, contracts, certification and financing. Many countries are revising the legal system to promote corporate investment in blockchain projects. However, South Korea’s slow progress in establishing institutional arrangements for blockchain technology has hindered its spread. The report lists the actions and policies of the US, EU, China, Japan and other regions on blockchain and cryptocurrency, and points out that South Korea has made almost no improvement in relevant laws and systems.