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A South Korean minister spoke of the government’s intention to promote “blockchain unicorns” as part of its medium-term strategy to increase growth and mitigate the devastating effects the coronavirus pandemic is set to take on the small and medium-sized business sector. of the nation.
According to the E Daily media, Park Young-sun, the minister of small and medium-sized enterprises and startups, said:
“Blockchain technology will become more important in the post-coronavirus era. Blockchain initiatives and startups may grow in the future. We will try to form an ecosystem that helps make that happen. “
Park was speaking at a blockchain conference in the South Korean capital, Seoul, and said he hoped the summit would be “the starting point for the creation of unicorn blockchain companies”, as well as help revitalize the government-run Blockchain Free Regulatory Zone. , operating in the port city of Busan.
Park also discussed the possibility of making policy decisions that would help blockchain technology companies grow and work in parallel with other contactless industry 4.0 innovations.
The SME sector is expected to bear the brunt of the post-coronavirus economic fallout in the country, with many export-based companies already facing potential downfall as orders plummet.
Park’s comments came shortly after the minister’s recent praise for blockchain-based payment platforms. The government supported Zero Pay The platform is set for a major upgrade based on blockchain technology which she believes would allow merchants, sellers and buyers to make and receive “commission-free” payments.
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