cryptocurrency

Analysts speculate that South Korean mega-conglomerates like Samsung and LG, known as “Chaebol business groups,” may consider issuing crypto assets. According to sources, one of South Korea’s largest corporations, SK Square, aims to invest roughly USD 1.6 billion in semiconductor chip and blockchain technology research over the next three years. Cryptonews.com revealed that SK Square wants to launch a new digital asset in 2022 that will connect to a wide range of products and services from the company.

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Businesses stand to gain from a shift in the regulatory landscape. Coin issuance has been prohibited in South Korea since 2017; hence, this news is especially relevant. Furthermore, the SK Group does have numerous overseas businesses that might assist in the international introduction of the currency.

President-elect Yoon Suk-yeol will take office in May. To fire up the economy, he has stated that he wants to “examine” the token issue ban and intends to turn the cryptocurrency sector into one of the most important growth engines.

Because of this, Samsung and LG, both of which have a strong interest in crypto, may launch the token if Yoon changes his mind. NFT marketplaces are being explored by Samsung, which provides a range of cryptocurrency wallets on its flagship phone and has made metaverse measures.

cryptocurrency

Several blockchain and crypto-related services have also been tested in LG’s labs. A few of its subsidiaries are engaging in crypto-related activities. Among the Klayton blockchain protocol, governance board members are LG Electronics and LG U+ (the company’s telecoms branch).

According to Newspim’s article, many chaebol officials in the United States believe that SK’s crypto-issuance plan is an encouraging sign for the future of the IT industry in the United States.

When “big corporations enter the market, it will be easier to speed expansion of the bitcoin ecosystem,” a gaming industry representative who was not identified was cited as saying.

According to the expert reports, other large corporations may follow suit after SK’s token issuing. At the heart of Wie Jung-assertion Hyeon’s, when businesses issue crypto assets, they create an independent economic arena in which they become power-holders in the same way a state would be when it comes to holding power.

According to Professor Xiaoping, “the token will have immense disruptive power” if SK Square creates a crypto asset and the SK Group implements it throughout its corporate operations, including telecommunications and distribution.

According to Tuesday’s shareholder meeting after the first quarter of the financial year, SK Square plans to produce a white paper for its unnamed coin and a token release at the end of the third quarter.

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