The South Korean Ministry of Science and ICT is going to run a follow-up study on blockchain regulations, according to a Yonhap News report on May 21.

The study is called the “Blockchain Regulation Improvement Study Group” and is part of an initiative run by the government’s science and tech arm to figure out how regulations could be improved so that blockchain tech could achieve widespread institutional adoption.

The Blockchain Regulation Improvement Study Group was launched in June of last year, and initially focused on improving legal regulations pertaining to blockchain tech such as personal privacy, smart contracts, electronic documents and digital signatures, and the application of distributed computing systems.

This year’s research group will focus on five institutional areas where blockchain tech can achieve widespread adoption: logistics and distribution, public services, healthcare, finance and energy.

Seoul, the capital of South Korea, will reportedly add blockchain technology to its citizen cards. This tech will purportedly allow the card holders to easily verify their identity and access administrative services.

Seoul Mayor Park Won-soon remarked that Seoul has also already implemented other blockchain-based administrative services, such as mobile e-voting. Moreover, the government of Seoul has stated that it has earmarked over $1 billion to fund blockchain and fintech startups over the next 3 years.

As previously reported by Cointelegraph, governments in countries around the world are planning or implementing blockchain strategies for economic development, including New Zealand, Germany, Australia, and the United Arab Emirates (UAE).

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD settles above $9,800, vulnerable to new losses

Bitcoin (BTC) managed to recover above $9,800 after a bloody crash towards $9.600 during early Asian hours. At the time of writing, the first digital asset is changing hands at $9,860, down 3.5% on a day-on-day basis.

More Bitcoin News

Ethereum (ETH) price analysis: ETH/USD stays above $200.00, bulls don't give up

The second-largest cryptocurrency with the current market capitalization of $22.4 billion hit $217.60 on Wednesday. While the coin has retreated to $207.50 by the time of writing, the overall sentiments remain bullish as the coin stays above a critical $200.00.

More Ethereum News

Litecoin price analysis: LTC/USD retreats back within the short-term channel

Litecoin has retraced from Wednesday's high of $79.15 to trade at $74.37 by the time of writing. The fifth-largest coin with the current market value of $4.7 billion has lost nearly 2% of its value in recent 24 hours and decreased by 4.5% since the beginning of the day. 

More Litecoin News

The cryptocurrency market update: Bitcoim settles at new lows, altcoins deep in red

The cryptocurrency market is a sea of red today as Bitcoin and major altcoins - with some notable exceptions - are falling down rapidly. The total market capitalization of all digital assets in circulation dropped to $263 billion.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP