South Korea announced it would “nurture” eight sectors of the domestic economy, including blockchain, by investing 5 trillion won (about $4.4 billion) next year, local media outlet Yonhap reports Monday, August 13.
According to the results of a meeting involving the country’s finance ministry, the government opted to increase the amount spent on areas such as blockchain, big data and artificial intelligence (AI) by 65 percent from 2018 estimates.
“The measures will help facilitate the platform economy, which in turn will help speed up innovative growth,” the publication quotes the ministry as saying.
Over the next five years, the figure could rise as high as 10 trillion won, Finance Minister Kim Dong-yeon added.
Adding to its mid-term plans, the finance ministry also revealed Monday it would similarly “nurture” 10,000 specialists in those same sectors through 2023, at a cost of 60 billion won (about $53 million).
Backing blockchain tech is nothing new to South Korea, Seoul taking an ever-increasing interest in ensuring its place at the helm of innovation worldwide.
As Cointelegraph reported last week, a dedicated youth training scheme sponsored by the country’s Ministry of Science and ICT will get underway again in September, focusing on blockchain, AI, and other areas as a means to alleviate youth unemployment and match promising candidates with the right positions.