A small town of Switzerland, Jug, has become a popular city in recent days among South Koreans, especially those interested in blockchain and cryptocurrency business. Seoul Mayor Park Won-soon visited the city and unveiled his plan to make a hub of blockchain business. Now Zug is a prime example when South Koreans talk about blockchain business or creating jobs.

In Ho, president of the Blockchain Research Center at the Korea University, said Monday South Korea should learn from the world’s leading Crypto Valley Zug of Switzerland to create more jobs.

In a keynote speech at the Seoul City-sponsored international conference in Seoul, he said Zug created 120,000 jobs by promoting the blockchain business. The number is surprising because Zug is a small Swiss city with a population of only 40,000. The minimum income for the blockchain producer is more than $100,000 or 120 million won, he said.
Creating jobs is the most urgent issue for South Korea where the jobless rate, especially the youth unemployment rate, is unprecedentedly high. Like professor In, KAIST professor Lee Byung-tae also said promoting the blockchain industry is key to creating jobs,

He estimated that South Korea could create up to 170,000 jobs through the blockchain industry by 2020. But there is one condition to Lee’s estimate: The government should permit the initial coin offering. But cynical lawmakers and policymakers say this estimate is exaggerated.