Governor Won Heeryong has asked Seoul to designate the island as a so-called “Blockchain Industrial Zone.” As Beijing tightens regulations on cryptocurrency, Chinese blockchain companies say they would be interested in investing here, if the conditions are right. Mike Balfour reports.

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World Blockchain Forum at Jeju Shinhwa World

Korean and Chinese blockchain companies met for the first time in Jeju.

They discussed the trend of global blockchain technology and ways forward to operate cryptocurrency exchange.

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Alibaba, other Chinese IT companies attend forum

China’s biggest IT companies including Alibaba, Huawei and Tencent and global mega investors attended the World Blockchain Forum in Jeju.

More than 1,000 Chinese participated in the forum - the biggest event ever in the blockchain area.

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Chinese participants show interest in Jeju’s blockchain plans

Chinese participants showed great interest in the island’s future plan to be designated as a “Blockchain Industrial Zone” by Seoul.

The Chinese government is tightening up regulations on cryptocurrency and many of the Chinese firms are considering relocating overseas.

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‘Large investments if Jeju gains Blockchain Industrial Zone designation’

Participants anticipate big investment if the island is allowed to establish the cryptocurrency exchange and is designated as a Blockchain Industrial Zone.

INTERVIEW
Woo Geuk-jong / Representative, Shanghai investment company
Most Chinese blockchain companies are represented here. We will support investment in Jeju if more favorable circumstances and policies are put into place.
[인터뷰 우극종 / 상해 재중투자그룹 대표 ]
"중국의 블록체인 업체들이 대부분 여기에 왔습니다. 앞으로 더 좋은 정책과 공간이 마련된다면 제주 (투자를) 지지할 겁니다. "

Jeju has already welcomed many relocated Chinese companies and the visa waiver program encourages investment.

INTERVIEW
Park Jang-hu / World Blockchain Forum organizing company
The Korean cryptocurrency market has been verified to some degree. So, if Jeju is designated as a Blockchain Industrial Zone, Chinese firms and investors will invest in Jeju.
[인터뷰 박장후 / 월드블록체인포럼 PCO 업체 총괄 ]
" 한국시장 자체가 어느 정도 검증된 시장이기 때문에 제 생각으로는 만약에 (특구 지정) 그렇게 된다면 중국의 기업이나 투자자 분들이 많은 관심을 갖고 실제 투자로 연결될 것 같습니다."

[Reporter] Mike Balfour
[Camera] Ko Moon-su

Governor Won Heeryong has officially proposed to Seoul to designate Jeju as a Blockchain Industrial Zone.

Not only Chinese companies but also American competitors are increasingly interested in Jeju’s move.

Mike Balfour, KCTV