KT Launches Blockchain-Based Local Currency In Busan
KT Launches Blockchain-Based Local Currency In Busan
December 20, 2019
KT Launches Blockchain-Based Local Currency In Busan
KT Launches Blockchain-Based Local Currency In Busan
December 20, 2019

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 businesses. 

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.

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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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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.