“Israel Is Emerging as a Bitcoin Mecca” and More from Korean Digital Currency Conference

A good indication of the spread of digital currency awareness is the increasing frequency of dedicated conferences and other events

A good indication of the spread of digital currency awareness is the increasing frequency of dedicated conferences and other events organized by groups which otherwise have no affiliation with the Bitcoin world.

A good example was the recent conference on “Digital Currency and Financial Revolution” at the JW Marriott Hotel in Seoul, South Korea. It was organized by the Korea Information Processing Society (KIPS), an incorporated association under the country’s Ministry of Information and Communications.

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KIPS seeks to “improve our society by achieving the highest capability possible in information technology,” bringing together the industry, academic and research communities to foster innovation. The conference brought together leaders from these fields to discuss the convergence of digital currency and fintech.

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Cho Sung-kap, Chairman of KIPS, described what digital currency is and explained why they believe it is so important:

“Internet-driven social stratification and various technological innovations, powered by social networking services, have given rise to digital money. Thus, discussions on desirable technological and policy directions for cybercurrency become more important than ever before.”

From his perspective, financial institutions and governments should take preemptive measures in anticipation of the disruption by digital currencies on its associated industries, evidenced by the emergence of numerous Bitcoin-related startups. As an example, he referenced Israel’s “emerging as a bitcoin mecca.”

Another example is IBM’s recent expression of support for blockchain technology, including its starting to develop an “Internet of Things” platform based on it.

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