A plan that includes designation of ‘blockchain-regulated sandbox zone’ will be included into Jeju Island’s Special Act. Main points of this plan is to allow ICO (Initial Coin Offering) and to attract global cryptocurrency exchanges. With revision to its Special Act, Jeju Island is planning to create ‘JJBI (Jeju Blockchain Island)’ that applies blockchain technology to every industry within Jeju Island.
Jeju Island is going to finalize and announce such plan at the end of this next month.
It has created a blockchain task force and is going through a reorganization that is based on enhancement of digital innovation groups to make its plan a successful one.
Making Jeju Island a global blockchain zone and a blockchain hub city that is filled with startups and foundations is a promise of Governor Won Hee-ryong of Jeju Island. This plan that will be announced at the end of August after going through public hearing and others is done to fulfill Governor Won’s promise.
“We are planning to create Jeju Island as a blockchain hub city by spreading blockchain system throughout the island.” said Governor Won. “We are also planning to form fund of funds worth $176 million (200 billion KRW) and issue Jeju Coins.”
First political seminar for formation of a blockchain hub at Jeju Techno Park was held on the 19th.
At this seminar, even blockchain experts made suggestions of designating Jeju Island, which has infrastructures and environment that surpasses ‘blockchain shrine Malta’, as a blockchain zone.
Malta is a small island that is located at the center of the Mediterranean. Its assembly recently approved blockchain bill and announced its plan to attract cryptocurrency exchanges and to issue national cryptocurrencies.
“We need to select Jeju Island as an area specialized for blockchain and apply cryptocurrency system to document management, tourism, distribution of products, and verification of place of origin.” said Lim Myung-hwan who is a senior researcher for ETRI (Electronics and Telecommunications Research Institute). “We need to consider having Jeju Island as a public platform that will solve social problems.”
“Jeju Island can be a blockchain zone that can surpass Malta after considering the fact that it is an island and that South Korea is advanced in IT.” said CEO Kang Sae-won of Firm BlockTech. “We need to prepare a transparent and credible system so that people and capital can gather within Jeju Island through ICO and attraction of global exchanges.”
“We are going to apply various public opinions to our plan to make Jeju Island as a blockchain hub.” said Noh Hee-seop who is responsible for Jeju Island’s ICT Convergence. “We are also planning to have various discussions with central government.”
Staff Reporter Gil, Jaeshik | osolgil@etnews.com