Share this article
South Korea Budgets $880 Million for Tech Including Blockchain
The South Korean government will invest over $880 million next year in order to boost the development of innovative technologies including blockchain.
By Wolfie Zhao
Updated Sep 13, 2021, 8:17 a.m. Published Aug 16, 2018, 6:30 a.m.
The South Korean government will invest over $880 million next year in order to boost the development of innovative technologies including blockchain.
According to a government release on Tuesday, deputy prime minister Kim Dong Yeon hosted a ministerial meeting on Aug. 13 to address the administration's investment plan for innovation growth in the next five years.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Data disclosed on the website of the Ministry of Economy and Finance shows that the government is set to allocate 1 trillion won (about $880 million) in 2019 – an 80 percent growth compared to that in 2018 – for technologies including blockchain, big data and AI. Further, the authority said it will invest a total of $8–9 billion in the same areas over the coming five years.
The goal is to "focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy," according to the statement.
The high-level investment plan doesn't yet provide a breakdown for how the funds will be allocated across the different sectors.
The budget plan follows previous indications from the Ministry of ICT that it will allocate $9 million in 2019 for blockchain startups. CoinDesk reported in June that the Ministry of ICT is working with other government agencies to develop six pilot programs that will adopt blockchain in major public services.
Korean won image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
Top Stories
