The blockchain body of South Korea plans to turn the city of Gwangju into a ‘specialized Crypto-Valley District.’ Korea Blockchain Enterprise Promotion Association (KBEPA) says that turning Gwangju into a cryptocurrency hub will create numerous employment opportunities. Founded in July 2018, South Korea’s blockchain association partnered with Universal Group is seeking for an audience with Lee Yong-Sub (the mayor of Gwangju) and other politicians.
“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.” as per Korea Blockchain Body. The government of South Korea has been concentrating on job creation & ignore the rise of the 4th industrial revolution. And one million new jobs can be created by turning Gwangju into a crypto-valley district.
Kim In-Ki, chief executive of Universal Group, said, “Estonia and Malta have been the forerunners of the 4th industrial revolution by successfully attracting global blockchain corporations to invest in their cities, and they have enjoyed astronomical rises in the number of jobs created. Our government has attempted to create new jobs by myopically focusing on the manufacturing — auto or shipbuilding — industry, overlooking the rise of a 4th industrial revolution.”
At the same time, the decision of government will immediately affect crypto and blockchain firm’s establishment in the city. On the other hand, existing startups will be categorized as venture firms in 2018. In addition to this, the corporate and income taxes paid by cryptocurrency exchanges will be doubled. Also, the firms will lose credit guarantees. The move denied 75% reduction in acquisition taxes of blockchain and cryptocurrency startups. Major cryptocurrency exchanges such as Bithumb and Upbit will also be affected by this move.
