Korean Blockchain Body Plans to Convert Gwangju City Into a Crypto-Valley

The Korea Blockchain Enterprise Promotion Association (KBEPA) has announced its plans to hold a ceremony on Dec 27 to lobby for Gwangju City to be recognized as a specialized Crypto-Valley District reported a local news outlet. Thousands of representatives from KBEPA and Universal Group are planning to attend the ceremony which will be held at the Kim Dae Jung Convention Center, in Gwangju. More than 300 international and Korean journalists are said to attend the program.

The organizers are planning to plead to Lee Yong-Sub during the ceremony, the mayor of Gwangju City, for this to come into fruition. This, they said, will allow the local job market of the sixth largest city in China, to grow enormously.

“We plan to meet Mayor Lee officially to deliver the recommended plans to announce and transform Gwangju into a special governing city for the cryptocurrency. We also plan to meet the councilperson Kim Dong-Chan to ask for support,” said Lee Han-Young executive vice-president of KBEPA and Kim In-Ki, the CEO of the Universal group.

“We will make a recommendation for the city government to implement a pilot universal coin project to expand market demands, by issuing a digital currency portfolio to small business owners and enforcing ICO. In addition, the Universal Group, the Beerex Chain, and Korea World will cooperate to establish the first office for the universal coin project; residents of Gwangju will be given preference for employment,” they said additionally.

Kim In-Ki also cited examples of Estonia and Malta which, he said, have been the forerunners of the 4th industrial revolution by successfully attracting global blockchain corporations to invest in their cities. These nations, as a result, have enjoyed huge rises in the number of jobs created. They criticized the Korean government for myopically focusing on the manufacturing, auto or shipbuilding, industry, and turning a blind eye to the fourth technological revolution.

The Blockchain body insisted that corporations, associations, and Gwangju city government should actively work together to create new jobs, to seize this red-hot opportunity to increase national wealth and to step into the 4th industrial revolution instead of wasting local and national resources trying to change trends

KBEPA also criticized the South Korean government’s stance towards blockchain and cryptocurrency firms pointing out for instance that unfriendly regulations were forcing some domestic firms to open exchanges abroad.

KBEPA was established to promote the blockchain industry in Korea. The members include many prominent members from Blockchain community like the director of the Korea Information Technology Research Institute, Yoo Joon-Sang, a former member of the assembly, Ryu Geun-Chan; the chairman of the Agricultural Produce Promotion Association, Lee Han-Yeong; former vice-president of KBS, An Dong-Su.

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