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South Korea to launch full-scale blockchain pilot project this year

The financial authorities of South Korean have announced during a fintech meeting that it will launch a full-scale pilot project on blockchain-powered financial services this year, Korea Herald reported.

According to Jeong Eun-bo, vice chairman of the Financial Services Commission who presided the fintech meet, the country has planned to embark on a pilot project in earnest this year. South Korea, which is known for its information and communication technology (ICT) prowess, has accelerated its drive for capitalizing on the new platform.

"Blockchain technology has great potential to be used in finance and various other fields. Since South Korea has the world's top-level ICT technology, it will be able to lead the international trend in the blockchain sector if the government, related industries, and experts pool their wisdom,” Jeong said.

Last month, South Korea created a government-civilian consortium on blockchain that involves 16 local banks and 25 brokerage companies. The country’s banking industry has planned to study on how customers can use blockchain technology in changing banks that are designated for foreign exchange transactions without documents and complicated procedures.

Jeong also mentioned within the financial investments, investors can do away with login and authentication procedures that are time-consuming in terms of accessing the mobile trading systems of securities firms. He added that the blockchain revolution is said to be the equivalent of the Internet revolution that was seen in the 1990s.

The country’s equity marketplace Korea Exchange is also seeking to explore the potentials and applications of blockchain technology to OTC stock trading.

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March 28 21:00 UTC Released

KRBOK Manufacturing BSI*

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78 bln $

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79 bln $

March 28 19:00 UTC Released

ARTrade Balance*

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-122 mln $

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-106 mln $

March 28 23:50 UTC 1818m

JPRetail Sales YY

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0.5 %

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1.0 %

March 29 06:00 UTC 388388m

DEImport Prices YY

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7.0 %

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6.0 %

March 29 06:00 UTC 388388m

DEImport Prices MM

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0.3 %

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0.9 %

March 29 06:45 UTC 433433m

FRConsumer Confidence

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100 bln $

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100 bln $

March 29 08:00 UTC 508508m

ITWage Inflation MM*

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March 29 08:00 UTC 508508m

ITWage Inflation YY*

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March 29 08:00 UTC 508508m

ITConsumer Confidence

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106.6 %

March 29 08:00 UTC 508508m

ITMfg Business Confidence

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106.3 %

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