In the latest cryptocurrency news, South Korea has revealed that blockchain research is one of the many research fields that can be deemed eligible for tax credit. The announcement was recently made public by the government’s very own Ministry of Strategy and Finance, who was also claimed that there is a brand new tax code. The latter, according to the government official, is meant to list all wearable robots and fine dust reduction technology.
Encourage and Promote Decentralized Tech
Starting February, the South Korean government is going to give blockchain-related businesses the much-needed tax break. This is basically meant to give them the encouragement and drive to further innovate in the field of decentralized technologies. It was reported back then the aforementioned government official revealed the technology would soon be added in the country’s very own amendments concerning the newly-drafted 2018 tax law.
This law, in particular, sees businesses obtaining benefits simply for helping innovate with technologies in the country. And thanks to these new changes, a huge ercentage of the expenses of companies that are involved in Blockchain research will be deemed tax deductible.
The news only highlights the kind of support the South Korean government has towards the development and innovation of blockchain. Sometime in 2018, the n Ministry of Science and Technology began a specialized program which was meant to educate the next generation of the field of blockchain.
Apart from the aforementioned program, the government also pledged its whole support for all domestic blockchain businesses and that would help in promoting the booming industry of this technology.
An Expensive Journey
There is no doubt that governments are massively benefiting from products that have something to do with the blockchain technology. After all, this type of developments can greatly help a country in terms of social-economic advances. It cannot be denied, however, that this technology is infamous for being a tech and energy-heavy journey. That is why companies embarking on this journey need all the kinds of help it could get.
Perhaps an epitome of this narrative is the mining of digital currencies. It should be noted that this process is very well known for require a huge amount of energy. And due to the latter, incidents like people stealing energy just to mine their cryptocurrencies occur. But as long as South Korea is not ignorant to these possibilities, there is always the possibility of a brighter future in its crypto market.