SEOUL, 24th October, 2016 (WAM) — South Korea announced on Monday that it will lay the groundwork for the spread of digital currency as part of efforts to promote financial technology, also known as fintech.

The Yonhap News Agency quoted Yim Jong-yong, Chairman of the Financial Services Commission, as saying, “The government will push for the systematisation of digital currency on a full scale in tandem with a global trend in the US, Japan and other countries.”

In a speech at the 12th Fintech Centre Demo Day event, he added that the government and the local financial industry will launch a consortium on ‘blockchain’ within this year for joint research and pilot projects.

Blockchain is a key technology for the digital currency, bitcoin, enabling data sharing across a network of individual computers. It records and tracks practically all bitcoin transactions.