Ethereum

● Busan plans to generate a 100 billion won (USD 75 million) fund from public institutions through offerings by creating a blockchain innovation fund (BBF).● The city is engaged in the process of establishing the Blockchain Trust Framework (BTF) to establish technology standards.● The main aim is to facilitate the trading of precious metals and raw materials like gold, silver, copper, and crude oil by tokenizing.Busan, the second largest city in Korea, is planning to develop an open blockchain mainnet that is compatible with global mainnets like Ethereum and Cosmos. The city announced blockchain mainnet development as a mid-to-long-term task through the &#39;Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule&#39;.Chinese reporter Wu Blockchain shared a tweet about an upcoming project in Busan.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/79429c7778834401884321c4ee5f8f51.png" />According to the official <a href="https://gbbcouncil.org/wp-content/uploads/2021/11/GSMI-2.0-South-Korea.pdf" rel="noopener noreferrer nofollow">release</a>, Busan City has been experimenting with blockchain use cases in its trade-free zone. However, the projects gave businesses an undesirable experience since they were carried out on separate blockchains. This was one of the main drivers behind the city administration&#39;s choosing a local public blockchain that can work with larger blockchain networks like Ethereum and Cosmos.The Korea Internet &amp; Security Agency (KISA) is overseeing the process of establishing a Blockchain Trust Framework (BTF) to determine the standards of the technology being developed. By outlining standards such as blockchain technological system, performance, and security level, the goal is to enhance the quality of private services and promote service connectivity.Read full article at<a href="https://cryptotale.org/busan-establishes-100-million-won-fund-to-become-a-blockchain-city/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Busan Establishes 100 Billion Won Fund to Become a ‘Blockchain City’

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