The Busan City administration is developing a public blockchain network as part of its plan to turn the city into a “Blockchain city.”
. This way, all the blockchains will be available on a single platform at the city level.
The city administration has set aside 100 billion won in budget for blockchain development under the Blockchain Innovation Fund . It will raise funds through investments from local public financial institutions.The Busan administration is going to implement the project under the Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule plan.
The city administration has decided to focus on a public blockchain at the city level that is compatible with mainstream blockchains.its plan to establish a digital assets exchange in November. The upcoming exchange will list tokenized commodities, instead of cryptocurrencies, on a blockchain. The exchange will be set up only with private capital, with administrative and financial support from the local government.The government of South Korea aims to build Busan City as the blockchain center of Asia.as a regulation-free blockchain zone. The city plans to implement blockchain technology in a range of sectors, including tourism, finance, logistics, and public safety.the creation of a digital currency.the formation of a steering committee, comprised of 18 local blockchain experts.
Busan City is now working on a city-level blockchain network to address the requirements of the local business community.
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