South Korea is keen to come out with a dedicated blockchain technology center in the city of Busan to assist the organizations, startups, and projects working in this sector to grow further. The country recently recognized virtual currency as an asset after the Supreme Court of South Korea seized 191 Bitcoin (BTCs) from a man who earned the money through pornographic sites.

In the last two decades, there has been a rapid rise in the number of technology parks and silicon valleys in the major cities across the world. Now the same places are busy building dedicated blockchain and cryptocurrency technology zones to create a favorable environment for the growth of this technology. South Korea is one country planning to join this movement.

South Korea’s Crypto Beach inspired by Crypto Valley in Zug

According to a report, the “Crypto Beach” model of South Korea has been inspired by “Crypto Valley” in Switzerland’s Zug. The plan was revealed by the chairman of the Korea ICT Financial Convergence Association, Oh Jung-geun, at the recently held Seoul’s Global Blockchain Conference 2018. The chairman said that he was looking for a place to bring together cryptocurrency in the country similar to the way it was being done in Switzerland.

According to Jung-geun, “I looked around the state of Jukkas at the institute and made a crypto beach in Haeundae. We are planning a conference event to discuss with the Busan city.”

The chairman expressed concern over the government’s inability to understand cryptocurrency and blockchain technology. He is of the opinion that companies in South Korea must start issuing their tokens overseas as per the existing legislation of the country. As per the information, South Korea is planning to launch the “Crypto Beach” at the Haeundae beach of Busan, which is known for its affluence and as a famous tourist destination. The place is also known as a commercial development center.

The Association is planning to discuss this project on August 30 this year with the concerned authorities.