South Korea’s blockchain and metaverse industries are about to imbibe deeply of the sweet, sweet nectar of government cash.
At a meeting hosted by the Ministry of Science and ICT on Wednesday, the government decided to invest KRW 2.6 trillion — over USD 2 billion — into the metaverse, blockchain, digital twin and IoT industries by 2025.
The government aims to cultivate “hyperconnected new industries” as the backbone of the KRW 49 trillion “Digital New Deal 2.0” announced in July.
In particular, the government wants to use the metaverse and blockchain to expand “economic territory” into virtual space.
With blockchain, this will involve large-scaled blockchain projects, establishing a technological innovation support center, developing core blockchain technologies and improving personal data protection legislation.
It will also involve bolstering the number of blockchain companies in Korea from 110 to 200 by 2025.
The Iconist’s Comment: If the government wants to encourage hyperconnectivity, perhaps they might want to look to Korea’s leading hyperconnectivity-focused blockchain project.