Blockchain-Based Currency To Be Issued In Busan By South Korea Telecom Firm

KT, South Korea’s biggest telecom firm has just announced the release of a local blockchain-based currency for one of the biggest cities in the country. It is believed that it will go live at the end of this month on the 30th. 

Reports surfaced earlier this week on the 19th, stating:

“Dongbaekjeon is a blockchain-based card-type local currency issued by Busan City to revitalize Busan's local economy and ease the management burden of small business.”

There are supposedly several ways to access the currency, including a Dongbaekjeon app for mobile, as well as two banks, Busan Bank and Hana bank.

Participants are able to use the “currency at any store in Busan with a credit card terminal,” according to the article. Despite this, compatibility will allegedly not be as common among bigger retailers. This is done in an effort to try and spark more people to spend at smaller local businesses. 

An agreement was made between Busan’s govt. and KT earlier in February this year. This was in an attempt to build the blockchain-based asset which is planned to hit South Korea’s second-biggest city according to reports.  

Yoo Yong-gyu, KT’s business centre director for blockchain, said:

“With our know-how of operating a regional currency and blockchain security, KT will work towards establishing Dongbaek Currency and contributing to the growth of Busan's economy.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!