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Fri, May 7, 2021 12:39 AM by The Coinshark

South Korea Has Invested $44.5 Million in Crypto Projects Since 2017

South Korea Has Invested $44.5 Million in Crypto Projects Since 2017? Opposition in South Korea accuses official authorities of hypocrisy and policy of double standards The authorities strictly regulate the sphere of cryptocurrencies, not allowing to breathe quietly to numerous startups, crypto-exchanges and investors. However, Government agencies have invested almost $45 million in cryptocurrency projects. The data was collected by a representative of the People's Power Party, which is in opposition in the current South Korean parliament. According to Yoon Chang-hyun, he studied public investment from January 1, 2017 to March 2021. The results impressed him. In start-ups and business incubators, one way or another associated with cryptocurrencies, most actively invested are state bodies Department of Startups, Ministry of Science, National Pension Service (received 3 million dollars in profits!). Two state-owned banks, Korea Industrial and Korea Development Bank, have also invested about 15 million in startups. Among the companies that received the investment are two cryptocurrency exchanges Bithumb and Upbit. Officials say all donations and investments are not against the law. However, such a response does not suit the People's Forces Party and hundreds of thousands of young Koreans, dissatisfied with the policy of the ruling Democratic Party. Recall, since March in South Korea tightened regulation of the cryptosphere. Exchanges must disclose data about their users, crypto investors will have to pay huge taxes on profits. And this is just the tip of the iceberg. Will enthusiasts like Yoon Chang-hyun make a difference? Subscribe to our Telegram, Twitter and Facebook to be the first to know the news of cryptocurrencies!

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