
Long-lost royal shrine returned after century in Japan
Gwanwoldang Shrine, thought to be a Joseon-era royal building taken to Japan during the country's coloninal rule of Korea in the early 20th century, has been returned to Korea.
The Korea Heritage Services said Tuesday that it has received the parts of the wooden building from the Kotoku-in Buddhist Temple a day before, in accordance with the agreement between the two parties. The building was disassembled for shipping, and the parts are currently stored at the Korea Foundation for the Traditional Architecture and Technology for the time being.
This is the second attempt from the Korean side to bring back the building, after an ultimately unsuccessful bid by the Jogye Order of Korean Buddhism in 2010. It also marks the first time an entire Korean building has been returned to the country from abroad.
Experts will repair and reassemble the building in the near future, while the KHS and the Overseas Korean Cultural Heritage Foundation will carry out research to determine its original name, location and the individuals honored at what is believed to be a royal shrine of the Joseon era (1392-1910).
Royal shrine lost in 1920s
Research conducted by Korea has found that Gwanwoldang's size and structure suggest it was a royal shrine of a "Daegun level," a title given to the son of the king and queen, which means it had higher authority than most buildings with the same purpose. The design suggests it was built in the the late Joseon Dynasty, and the pattern and pigment suggest it was repainted in the late 18th century or 19th century.
The structure and roof tiles are consistent with those found in royal buildings of the Joseon Dynasty, although no records directly related to its construction have been found so far.
It is likely to had originally stood in Seoul and some experts suggest it may have been located within Gyeongbokgung Palace, the main palace for Joseon kings, though this claim has not yet to be confirmed.
Records from the Kotoku-in Temple show that it was originally in "a Joseon palace" and donated there in 1924 Sugino Kisuke, the founder of Yamaichi Securities that went bankrupt in 1999. It is believed that Chosen Shokusan Bank — a financial organization founded by the colonial government in Korea — gave it to Sugino.
It was reported that the attempt to return Gwanwoldang in 2010 was agreed upon by Buddhist sects in the two countries, but drew complaints from some groups in Japan. With Buddhists and many scholars in Japan saying it is appropriate to transfer the building back to Korea, the KHS and the related officials conducted the latest operation away from the public's eyes.
Sato Takao, the chief monk of the Kotoku-in, told the KHS that he "deeply agreed" that it would be best for Gwanwoldang to be returned to Korea for it to be preserved in the best way possible. He expressed his wishes for the building's original building to be restored in the appropriate spot in Korea, while preserving its past 100-year history in the Japanese temple.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Korea Herald
2 hours ago
- Korea Herald
Parataxis commits to Korea as bitcoin treasury frontier
Korean unit chief says bitcoin's swings unavoidable, but governance is the hedge South Korea's capital market is poised for a major innovation. US digital asset hedge fund Parataxis plans to launch the nation's first bitcoin treasury platform — a corporate strategy where companies hold bitcoin as part of their treasury, treating it like cash or bonds. While this strategy has gained traction among some US firms betting on crypto's long-term value, it remains controversial due to bitcoin's volatility and unclear regulations. Parataxis is entering the market by acquiring Kosdaq-listed biotech firm Bridge Biotherapeutics, transforming it into Parataxis Korea to introduce this model locally. 'South Korea is uniquely positioned,' said Andrew Kim, CEO of Parataxis Korea, in a Zoom interview on Tuesday. 'With strong institutional interest and favorable policy timing, Korea is an ideal launchpad for this innovative treasury strategy, one already proven transformative in the US market.' Inspired by pioneers like Strategy, which bought billions in bitcoin starting in 2021 and boosted its shares by over 3,000 percent, Parataxis aims to bridge institutional hesitancy by embedding crypto holdings in a regulated listed company — potentially reshaping treasury management across Asia. Globally, 126 publicly listed companies hold nearly 820,000 bitcoins valued at $88.8 billion. In Korea, regulatory barriers limit corporate bitcoin investment. While selling is legal, buying is restricted mainly to nonprofits and exchanges, with broader access opening only to professional investor firms later this year. Currently, just three Korean listed firms reportedly hold bitcoin. Kim acknowledged bitcoin's volatility, but stressed that operational safeguards and partner quality are equally important. 'Bitcoin can be volatile. We're fully aware of that. But we've operated professionally in this market for six years,' said Kim, also a partner at New York-based Parataxis Capital, which manages digital asset funds for wealthy individuals and pension funds. He emphasized Parataxis' focus on risk management and governance rather than hype. 'At this stage, it's about doing one thing well. Building a sustainable bitcoin treasury platform with institutional-grade compliance and controls.' Parataxis is monitoring regulatory changes closely and working with top Korean legal and financial experts, including law firm Sejong and Deloitte. Beyond bitcoin price gains, Parataxis plans 'creative capital markets transactions' to grow 'bitcoin per share,' a metric popularized by MicroStrategy founder Michael Saylor. 'It's similar to earnings per share, but here the goal is to compound growth in bitcoin per share over time,' Kim explained. 'This aligns management incentives to create more bitcoin per share while pursuing value-creative equity transactions.' Kim underscored the firm's long-term vision and commitment to strong corporate governance. 'We're here for the long term, building a platform with the highest standards for ourselves and our public shareholders,' he said. Plans include appointing board members with expertise in securities law and digital assets. Unlike many foreign private equity investors who typically exit Korean startups within a few years, Kim stressed Parataxis' lasting commitment. 'When I say long term, I truly mean long term. We're putting Parataxis' name on this, and reputation is everything.' Last week, Parataxis Korea launched a $100 million fund to scale its bitcoin treasury platform, deploying capital selectively to tap what Kim called 'an incredibly attractive opportunity' in Korea's digital and institutional markets. Kim expects more Korean companies to explore bitcoin treasury strategies as regulations clarify, with Parataxis leading by example. 'Bitcoin and digital assets aren't just a speculative bubble,' he said. 'We see them as emerging asset classes, like real estate or venture capital once were, steadily gaining institutional acceptance worldwide.'


Korea Herald
2 hours ago
- Korea Herald
Will Korea's new policy push follow Tesla, Waymo's lead in autonomous driving?
Industry urges government to open more roads for self-driving vehicles, reduce pushback from taxi and bus drivers South Korea's autonomous vehicle industry is at a crossroads as the government prepares to unveil a new R&D roadmap to address regulatory challenges and embrace innovative technologies. With global competitors like Tesla and Waymo rapidly advancing, industry watchers suggest that the Korean government should adopt practical strategies to foster the growth of this key artificial intelligence innovation. E2E becomes new trend According to media reports on Sunday, the industry ministry plans to unveil an autonomous driving R&D roadmap later this year, aimed at overcoming the limitations of the current regulatory framework for 'rule-based or modular' self-driving technologies. The new policy is expected to adopt a hybrid approach, combining the adaptability of 'learning-based end-to-end (E2E)' technology with the safety and control advantages of rule-based modular components. Rule-based systems determine driving maneuvers primarily through predefined rules and algorithms, guided by LiDAR equipment that delivers precise, real-time 3D mapping of the surrounding environment. But these systems face drawbacks such as high costs and poor performance in bad weather conditions. Korean regulators have prioritized these systems for their safety -- predictable and explainable vehicle operation. In contrast, Tesla's recently unveiled robotaxi uses a camera-centric, learning-based E2E approach that directly translates visual data through a single neural network to control a vehicle, bypassing the 'perception' and 'planning' processes in the modular approach. While E2E systems excel in adaptability, as they are not limited by preprogrammed rules, they are often called 'black boxes' for their unexplainable decision processes, which complicates safety validation. Waymo, which previously focused on the modular approach, is actively developing E2E technologies through its End-to-End Multimodal Model for Autonomous Driving project. Limited road access, strong pushback Hyundai Motor Group is also reportedly pursuing the E2E approach through its autonomous driving subsidiary, 42dot. However, industry insiders here call for more aggressive governmental support, as the auto giant faces hurdles in advancing these technologies in Korea due to policy limitations. 'Hyundai Motor has the capacity to develop E2E technology,' said a source familiar with the matter on condition of anonymity. 'But one of the major hurdles for companies developing autonomous driving technologies, including Hyundai Motor Group, is that there is little area available to collect enough real-world data necessary for substantial technological advancement.' As of June, there were 42 government-designated areas for autonomous vehicles in Korea's 17 cities and provinces, and only 455 vehicles were approved for operation. Even after the designation of these sites, several local governments have either failed to operate AV services or have done so inefficiently, leading to low performance ratings. By contrast, China is rapidly advancing in this field with dedicated highway lanes and extensive testing zones in major cities such as Beijing and Shanghai, supporting companies such as BYD in leveraging the E2E approach for autonomous driving. In the US, 38 states have authorized extensive public road testing, providing significantly larger areas for these vehicles as of last year. 'To develop and advance E2E tech like Tesla, the government needs to designate, for example, the entire Teheran-ro (in Gangnam, a 3.5-kilometer, 10-lane road) and deploy over 100 vehicles there,' the source suggested. 'To achieve Korea's goal of commercializing Level 4 self-driving technology (where vehicles can operate fully autonomously within specific areas), regulators should focus on establishing effective policy measures for the industry.' Kim Pil-su, a car engineering professor at Daelim University, echoed that view and said, 'To spur the growth of Korea's AV industry, the government should also address and mitigate backlash from taxi and bus drivers, who view self-driving vehicles as a threat to their businesses. This pressure forces companies to conduct AV testing in less-populated areas with low demand for their vehicles, leading to inefficient data collection.' Due to these restrictions in the domestic self-driving industry, Hyundai Motor has pushed for R&D overseas. In addition to its R&D center in Korea, 42dot has two centers in Poland and the US, and is reportedly opening two more in China and Australia. Last year, 42dot completed its two-year autonomous shuttle service around the Cheonggyecheon stream area as part of a Seoul City pilot project. The city began the recruitment process for the next AV operators last month, after delaying the original schedule earlier this year due to low demand.


Korea Herald
3 hours ago
- Korea Herald
Korean e-commerce turns outward amid China's pressing market incursion
Coupang raises stakes in Taiwan market; Kurly eyes US entry after pilot program; Musinsa pushes into two Asian neighbors South Korean e-commerce players are going global not just to offset muted domestic consumption, but also in part to hedge against China's aggressive advance on their home turf. Their international forays come at a time when global fascination with K-food, K-beauty and K-fashion is running high. One successful market entry is that of e-commerce giant Coupang, which has been doubling down on Taiwan since entering the market in 2021, already investing nearly 500 billion won ($367 million) in logistics infrastructure and product sourcing. Earlier this year, the company launched its Rocket Delivery membership in Taiwan while expanding its local delivery network. In the first quarter, the company posted net revenue of over $1 billion in its Developing Offerings segment, which includes its international business, Coupang Eats, Coupang Play and luxury platform Farfetch, marking a 78 percent on-year surge on an FX-neutral basis. Coupang said its growth businesses, particularly its operations in Taiwan, helped drive the increase in earnings. 'We're seeing an increase in repeat customer rates and spending in Taiwan,' Coupang founder and CEO Bom Kim said during an earnings call in May. He added that the more the company invests in the Taiwanese market, the stronger its confidence grows. In January, Coupang re-entered the Japanese market with its food delivery app, Rocket Now, after withdrawing from the country in 2023, this time with a renewed focus on food delivery rather than quick commerce. Other e-commerce companies are also testing the waters. For instance, Kurly plans to begin beta testing its US operations this Tuesday, gathering feedback from local residents on its shopping and delivery services in preparation for a full-scale launch. 'Based on the results of the pilot service, we will adjust our logistics operations and our entry plans,' a Kurly official said. Fashion platform Musinsa is pressing ahead in Japan and China. After establishing its Japanese subsidiary in 2021, it set up its Chinese unit this April. Musinsa CEO Park Joon-mo said that the company will open its first brick-and-mortar store in Shanghai in the second half of this year and roll out physical stores in Japan by the first half of next year. The impetus to enter global markets stems partly from the rapid encroachment of Chinese platforms like AliExpress and Temu, combined with a stark slowdown at home -- domestic online shopping growth plunged to the 5 percent range last year, down from 20.2 percent in 2021, according to Statistics Korea. 'While Chinese platforms have faced recurring quality and privacy concerns, there remains a stable base of demand in Korea,' one industry insider noted. 'Domestic growth is nearing its limits, and the influence of China's price-first platforms is growing rapidly. As of February, AliExpress ranked second in general e-commerce app usage with 8.73 million monthly active users, followed by Temu in third with 7.84 million, both trailing only Coupang, according to WiseApp data. Worse yet for Korean e-commerce firms, one of China's leading platforms alongside AliExpress and Temu, opened two self-operated logistics centers in Korea in April, the first instance of a Chinese e-commerce company owning warehouses on Korean soil. Chinese lifestyle brand Miniso, often regarded as China's equivalent to Korean dollar store chain Daiso, has been making a comeback since last December, most recently opening a flagship store near Seoul's Gangnam Station in June.