The South Korean government has accepted the application from the Korea Blockchain Industry Promotion Association (KBIPS).

In an apparent departure from the previous negative stance, the Ministry of Science and ICT issued an approval by the KBIPS. It took nine months for the association to get approval.

The approval signals that the government will support the projects the association initiates and reviews suggestions from the members of the association,

From now on, the association can participate in public projects. The members include Korea Electric Power Corp. (KEPCO), Kakao and Woori Bank. Samsung Electronics is expected to apply for the membership. The association still keeps a distance from cryptocurrency traders. Executives of the cybercurrency exchanges are now the KBIPS members as individuals, not as corporate entities.

In its foundation statement last December, the association said the blockchain technology is emerging as the cornerstone of the next-generation Internet revolution. It will transform the Internet from ‘sea of information’ to ‘sea of value’ and ‘sea of money.’ Blockchain will be a solution to preventing Internet hacking, upgrading transparency of the government, preventing corruption and ‘bank-less’ transfer of money to anybody worldwide. It said blockchain is the trustworthy protocol technology that will work as the next growth engines for South Korea.