The largest telecom company in South Korea, KT, has recently announced the launch of a local blockchain based currency for one of the country and its largest cities which will reportedly go live on December 30.
The local news outlet dongA reported on December 19 and said:
“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.”
The largest telecom company in South Korea is also expected to access the currency in numerous ways, including a Dongbaekjeon mobile app, a bank named Hana and Busan Bank. The article which is viral in the local cryptocurrency news also notes that participants can use the “currency at any store in Busan with a credit card terminal,” although compatibility will reportedly be less common among larger retailers in an effort to encourage spending at smaller local businesses.
The Busan government inked an agreement with the largest telecom company in South Korea (KT) earlier this year in February for the building of the blokchain based asset set which will hit South Korea’s second largest city, the media outlet Decrypt showed in a news report.
Then, the business director at KT Yoo Yong-gyu commented on the news and told the publication the following:
“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.”
Earlier this year, we reported about Busan’s interest in developing a crypto asset. The largest telecom company in South Korea seems to have fulfilled that interest now. What’s especially interesting is the fact that reports in the altcoin news at the time showed that Busan was developing a crypto project in the form of a stablecoin – which would be pegged 1:1 to the local currency in the BNK Busan bank account.
However, these plans were not fulfilled totally. The good news is that we can see that the government still wants to provide “extensive support” if a cryptocurrency is developed or tokenized.
Previously, South Korea’s government outlined its plans to invest $3.5 million and create a blockchain enabled virtual power plant in the city of Busan.
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