It has been long since Jeju Island lost out to Busan to become a "regulation-free" zone in South Korea, so now they have like up with an alternative. On August 14, the island located 282 miles south of the capital city of Seoul, announced that they have established a "Global Blockchain Hub City Development Research Service."
The island announced that they would be investing 175 million won ($ 145,000) to research what many are calling "Bit Island."
Jeju Island lost out to Busan, the second largest city in South Korea, in April. This made Busan the preferred location for the blockchain regulation-free zone.
While many would have chosen to take their wounds and move on, Jeju did not take this lightly. The ICO had been given the regulation-free status. However, now they have sought to make themselves players in the blockchain and cryptocurrency industries.
To achieve this goal, the island, and Seoul based firm Tilon will work to analyze and investigate the use of this technology as well as derive services. They will look to develop a service that is specifically suited for the island.
Tilon will examine current advancements in both the U.S. and the U.K, looking to see if they can help develop a road map to make BitIsland a reality. In doing so, they hope to create another hub that will rival Busan, even if they do not have the same designated status by the government.
According to the future strategy director of Jeju Island, Noh Hee-seop, "The core of the 4th Industrial Revolution, the core technology of the 4th Industrial Revolution . "
Jeju Island has made the development of blockchain technology and its uses with crypto-related services. In 2017, Jeju Free International City's Modified 2nd Comprehensive Plan, their comprehensive plan to reach these goals. The island has been looking to circumvent the country's ban on ICOs by using it special status, one it hoped it would be augmented by the regulation-free zone status.
Yet, they still have a key hub for investors and traders. At least, this is the goal that they have been looking to achieve.
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