Asia Blockchain Updates 2019.10.29- China’s New Cryptocurrency Law

Critical News & Updates in Blockchain & Crypto Market of APAC market

by Amy Kang

Korea Gov Increase the R&D budget for blockchain, but not for Exchanges.

The Korea government will increase the budget for the new technology, blockchain from around 30Millon USD this year to around 40 Million USD next year.

According to the Ministry of Science and ICT, the Korea Internet and Security Agency (KISA) and the Korea Information and Communications Agency (NIPA), the budget for a new R&D project, ‘blockchain convergence technology development’ has increased by 38% compared to 2018.

On the other hand, the budget for the project called ‘Construction project for Blockchain application’, which is categorized as a non-R&D project, has decreased.

Convergence blockchain technology development projects are R&D projects that support the development of technologies and application platforms, such as blockchain platform development and consensus algorithm development. It aims to narrow the technology gap compared to the other developed countries like the US.

PBoC Urged Local Commercial Banks to apply Blockchain Tech more actively

According to the Chinese local media, The People’s Bank of China (PBoC), the central bank of China, has urged commercial banks to apply blockchain technology to their financial services. This governmental action just came out after Xi Jinping’s commentary emphasizing that China should have an edge over in blockchain technology on Oct 25th.

According to Reuters last week, one of the officials of PBoC, Li Wei attended a forum in Shanghai, saying that other local commercial banks should actively introduce blockchain technology to accommodate digital finance.

Officials pointed out that Facebook’s Libra project has accelerated the development of CBDC by PBoC.

According to Bloomberg News, digital yuan allows consumers and businesses to download digital wallets from their smartphones and bring digital cash into their wallets directly from commercial bank accounts. Digital yuan users can trade with anyone who has a digital wallet that supports it.

Samsung SDS will Launch its Blockchain Platform’s SDK

Following the launching of the application of blockchain technology to the Galaxy S10 earlier this year, Samsung Electronics will unveil the Samsung Blockchain Platform Software Development Kit (SDK) at Samsung Developer Conference 2019 (SDC19), which will start in San Jose, the USA on Oct 29th (local time).

Samsung’s SDK has been expected that developers will be able to develop blockchain apps (DApps) easily and securely with its kit. In addition, users can securely store their private keys and use various Dapps such as finance, shopping, and gaming related.



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