KT, the biggest Telecom Company of South Korea, has announced the launch of local blockchain-based currency for one of the country’s largest cities, which will reportedly go LIVE on December 30.
On December 19, it has been reported by dongA, a local news outlet:
“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.”
However, the media outlet listed multiple ways to access the currency by including a Dongbaekjeon mobile app, a bank named Hana and Busan Bank.
It has also been noted
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
Likewise, Decrypt, a media outlet, reported that Busan’s Government inked an agreement with Telecom Company KT earlier this year in February for the building of the blockchain-based asset set to hit South Korea’s second-largest city.
Yoo Yong-gyu, KT’s Business Center Director for Blockchain, stated:
“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.”
Source: donga.com | decrypt.co | cointelegraph.com
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