Page 85 - U4SSC Case study Daegu, Korea (Republic of), February 2022

Policy recommendation 3
Recommendation

Currently, in the Republic of Korea, the financial systems continue to be managed by the national
government. Decentralisation of these systems will allow local governments to experiment more
with cryptocurrencies and blockchain, which could allow for an added layer of security for financial
transactions. This could be a beneficial proposition as the results of such fintech pilots could lay the
foundation for the first blockchain-regulatory framework in the country.
Additionally, to support the Bank of Korea’s pilot programme to support the transition to a cashless
economy, Daegu could consider being one of the testbeds to examine the feasibility of the central
bank digital currency.

Policy recommendation 4
Topic
Deforestation and Forest Conservation
Rationale

Forests provide socio-economic benefits to any country’s economy. These benefits encompass
employment, forest products (wood, paper, fruits, etc.), as well as energy. Often forest areas are known
to have recreational value for inhabitants residing in nearby cities. This makes it essential to maintain
and enhance the forest areas as a part of a city sustainable forest management.
It was estimated that in 2010, Daegu had 37.0 kha of natural forest, which extended more than 47 per
cent of its land area. As of 2020, the city has been deemed to have lost approximately 4.45 ha of natural
forest. With the city’s transition to becoming a smart and sustainable city, appropriate technological
interventions can be put into place to impede the current deforestation rates.
Existing Legislation (if any)
FOREST PROTECTION ACTION
Recommendation
The City of Daegu could explore the potential digitization of its forest area using technologies including
the Internet of Things and Wireless Sensor Networks Deep Learning. The data collected from IoT
sensors deployed in forest areas can be analysed to facilitate asset registration systems, forest research,
hazard assessment and specialized forestry consultation. This departure from the traditional methods of
forest protection will prevent illegal logging, encroachment and poaching of native species.
Another concept that Daegu could explore for its forest regions is that of the “Internet of Trees”, which
is an early-warning system based on environmental sensors that protects assets, monitors forests, and
prevents any potential forest fires from spreading in the region, including into nearby residential areas.

U4SSC Case study | Daegu, Korea (Republic of) | February 2022 67