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The government of Gyeongbuk province, in South Korea, launched a "Blockchain Special Committee" with the goal of creating a blockchain hub in the region, the local news agency Daily News reported on November 14th.
The northern province of Gyeongsang, also known as Gyeongbuk, plans to create a blockchain hub, inviting 40 national and foreign industry experts to consult on the project.
Lee Cheol-uoo – former member of the National Assembly of South Korea and current governor of the province – explained to the local media the objectives of the newly established committee to attract investments for blockchain-related businesses in the region. He also noted:
"In order to cultivate the blockchain industry, we will work with the special committee, composed of national and international experts, to respond in advance and establish strategies".
The establishment of the Committee is not the region's first adventure in the blockchain. This summer, the provincial government announced the intention to issue its own local cryptocurrency, dubbed Gyeongbuk Coin, which reportedly will be accepted by merchants across the region.
South Korea as a whole has recently signaled a push for the development of the blockchain. As Cointelegraph reported last week, the country's government decided to increase the federal budget for the development of blockchain technology for the year 2019 to about $ 35 million, a triple increase over this year.
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