Busan Seeking to Become Blockchain Hub; Faces Difficulties

• Busan continues towards the implementation of Blockchain in all public services.
• Investors welcomed the latest CPI data, with BTC rising to $17,700
• Former FTX CEO was denied bail with an extradition hearing on Feb 8, 2023

Busan, South Korea, is adamant about becoming a central hub for blockchain technology. The Korean city seeks to create a “global digital information ecosystem” and intends to incorporate blockchain technology throughout all aspects of governmental service.

The issue is this endeavor represents antiquated thinking on the blockchain. Others have attempted implementing blockchain into digital infrastructure, but all proved unsuccessful.

The lack of success in this area is due to the technology’s sluggish development compared to other database systems. Blockchain technology is inefficient and requires a considerable amount of processing power.

The establishment of a government-run crypto exchange is Busan’s other blockchain project. FTX was a partner from the start of the venture, but it obviously won’t work now with the company’s recent collapse and the previous CEO being arrested.

Bankman-Fried, the former FTX CEO, was taken into custody and has an impending extradition hearing on February 8, 2023.

He is facing many felony charges, including wire fraud, campaign violation accusations, and conspiracy, among other alleged offenses. He has also been denied bail.

Investors welcomed the latest CPI data, which indicated prices growing by 7.1%. Previously this year, the CPI skyrocketed above 9%. Over the past 24 hours, BTC showed a 3.2% gain, trading at $17,765.

Ether was up 3.4% from Monday, selling at $1,319. Many other cryptos were up as well with AVAX climbing 5.8% and LINK 3.2%.