The government of South Korea is trying its best to adopt blockchain technology in various industries. The country’s central bank is reviewing the use of a central bank digital currency, and various government ministries want to adopt decentralized identification features within their current systems. Hospitals, pharmaceutical companies and research centers are also looking at blockchain solutions. Everyone knows that blockchain can help the medical industry, but at the same time, applying a new blockchain service structure to traditional industries is not so quick and simple. Lots of testing needs to be done before it can be to be applied in …

The South Korean National Assembly will host a talk titled "How to boost transparency in cryptocurrency transactions" on July 10. This news comes amid a recent child porn scandal that involved crypto transactions. According to the Kukto Ilbo, the seminar will discuss topics related to money-laundering prevention and the creation of a system that oversees crypto transactions. Preventing money laundering through dark web crypto transactions The initiative is led by Democratic Party Congressman, Lee Soo-jin. The Blockchain Law Association and blockchain media representatives from South Korea will also join the seminar. A special act law —already approved in the plenary …

Andong, a city in the Gyeongbuk province of South Korea, announced on July 7 that they’ve been granted a permit to operate a free trade zone for industrial hemp. They additionally announced that they will manage their operations through a blockchain-based platform. According to Newspim, Gyeongbuk’s governor, Lee Chul-woo, held a press conference to reveal the permit granted to the city, allowing them to run the “Special Industrial Hemp Free Zone.” This zone aims to present a new model of regional specialized industries by implementing smart farming and high-tech bioindustry solutions. Overseeing the industrial hemp production with Blockchain The government …

South Korean telecommunications firm, SK Telecom, announced a blockchain-based document submission process for mobile phone insurance. This new protocol will do away with the company’s current antiquated paper processing methods. Before now, users had to visit a technical repair office to receive insurance benefits for damaged phones, according to Itbiznews. Successful visits would conclude with a claim receipt, which they then had to forward via email or fax to the insurance company. Cooperation with Samsung SK Telecom' new system will allow the telecom giant’s customers to skip this outdated process, and complete everything online quickly and securely. The announcement states …

The Commons Foundation, a South Korean non-governmental organization, revealed its plans to develop a blockchain-based platform that aims to handle health epidemics in the wake of the COVID-19 crisis. According to Digital Today, the NGO will rely on blockchain public services to create an epidemiological research system to suit the coming post-coronavirus era. The article quotes a statement from Choi Yong-gwan, chairman of the Commons Foundation, who expressed concerns regarding the ongoing violation of personal information due to the pandemic emergency. Such a situation motivated the NGO to develop a solution. Guaranteeing privacy through the platform Choi says that the …

A branch of the Russian federal government has recently published a draft of new litigation called “On Digital Financial Assets,” which is focused on enforcing strict cryptocurrency laws in the country. The legislation has not been approved yet and has been in discussion since 2018. The new laws define Bitcoin as property but not legal tender, and propose, among many other things, that Bitcoin (BTC) miners register as individual companies so they can be appropriately taxed. President Putin is planning on developing and revealing a new tax for Bitcoin miners by July 1, but many are skeptical about the government’s …

South Korean authorities are investigating a complaint filed by 950 investors who claim to be victims of a crypto-related ponzi scheme. According to TV Chosun, police are looking into reports that over 160 individuals are believed to have operated the alleged scam, known as Futurenet. The Futurenet team is also suspected of stealing almost 20 billion won ($16.66 million) from investors and transferring the money via cryptocurrency. Victims bought using crypto Victims state that they were tricked by buying an “advertising pack” initially using crypto. No ads were ever acquired as a result of the purchase. A police officer from …

The Korea Internet and Security Agency, or KISA, plans to develop an artificial intelligence-based software to trace cryptocurrency transactions on the dark web in response to the Telegram Nth Room sexual ring case. According to New Daily, the government has been working on solutions since January, as authorities faced difficult obstacles amid the investigation of the child porn case in South Korea, where people could buy access to videos with sexually explicit content containing minors. The KISA says that such software relies on machine-learning technology, which automatically traces inside South Korean’s dark web sites that process crypto transactions. The authority …

Hyundai is reportedly looking to launch a blockchain ecosystem through its Europe-based subsidiary, Hdac, and IT arm, Hyundai BS&C, after registering three business trademarks with the Korea Intellectual Property Office. According to Chosun, a local media outlet, Hyundai BS&C’s CEO Chung Dae-sun applied to the intellectual property authorities for the brand names Altum, Atolo, and Rizon. Each application has the description “electronic wallets that can hold cryptocurrencies.” Crypto trading services and ATMs coming soon? Hyundai has yet to reveal more details about the conglomerate’s intentions within the blockchain space. The data from the recent trademark filing indicates that the company …

Major South Korean cryptocurrency exchange Bithumb is planning to hold an initial public offering (IPO), according to reports from local media. As reported by MoneyToday on June 24, Bithumb Korea, the trading platform’s operator, has begun preparing for a stock market launch, tapping Samsung Securities as its underwriter. Bithumb is reportedly facing a number of potential obstacles that could prevent it from successfully filing an IPO in South Korea, namely recent crypto taxation issues. Earlier this month, the South Korean Finance Minister, Hong Nam-Ki, announced plans to impose a tax on cryptocurrency, saying that more details will be revealed in …

The South Korean government recently announced their intention to impose a tax on cryptocurrency, leading to backlash. Korean Yonsei University economist, Sung Tae-yoon, warned that the decision to tax crypto capital gains may slow the technology’s emerging market, according to Koreatimes on June 21. Sung said that taxing the crypto market while it is still in its infancy is a “premature” decision. He worries that tough regulations or taxation may prevent the crypto industry from flourishing in South Korea. He also believes: “Cryptocurrencies cannot be considered a universal asset like traditional paper currencies.” Reasons behind the act Opposition economists, such …

In Busan, a private-public consortium in South Korea announced their intention to build a blockchain-powered medical tourism platform. No deadline for launch is currently set. According to Gyeongnam Ilbo, the initiative will be led by Busan Bank. They are looking to establish the platform within the second largest city of the country in terms of population. The group’s main goal is to strengthen the medical tourism sector. The consortium includes Pusan National University Hospital, Dong-A University Hospital, Gosin University Gospel Hospital, Samyuk Busan Hospital, and payment brokerage company Knet Co. Ltd. Banking services offered through the platform The agreement states …