South Korean government plans to create a local hemp trade free zone employing blockchain tech.

The South Korean government is considering a local hemp regulatory-free trade zone and is looking to manage the production of hemp by employing the blockchain technology.

According to the Newspim news report, the Andong region in the Gyeongbuk Province became a ‘Special Industrial Hemp Free Zone.’ Governor Lee Chul-woo announced during a press conference held on July 6. Before the designation of this special hemp-free zone, the hemp industry only made room for the growth of seeds and textiles. However, creating the free hemp zone is seen as a significant development, as it would help boost the region’s bio industry.

 

The government will monitor the hemp production system by employing blockchain technology. 

The South Korean government is looking to monitor the hemp production system by deploying the blockchain technology for safety and transparency. However, the blockchain-based system will take off after completing the industrial hemp regulatory free zone in the South Korean city of Gyeongsan City. The governor commenting on the development, said that this special regulatory zone has a special meaning different from that of the existing special zone in that it seeks a rational industrialization plan for narcotic drugs, hemp. He added that they would grow more so that the company can write a new history overflowing.

 

South Korean blockchain space declined due to strict policies. 

South Korea’s blockchain space witnessed a decline for a few years owing to the government’s stringent regulatory policies. Earlier in 2019, the South Korean lawmakers called on the government to ease its stiff policies, with opposition lawmakers stating that the nascent tech was an essential element in the fourth industrial revolution. However, recent developments suggest that the government is willing to revive its digital economy. Earlier this year, it was also being reported that South Korea’s Ministry of Science and Technology was looking to invest about $400 million in blockchain research and development. 

South Korean government has been ahead of the curve when it comes to regulating the crypto industry. The government recently passed a bill making crypto trading a legal activity in the country. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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