KT,South Korea's largest telecom company has announced the launch of local block-chain based currency in the its largest city Busan and the currency can be used at any store in Busan with credit-card terminal. Read more: https://t.co/Z5H6KwOjUZ@SouthKoreaKR #blockchain #Busan — CoinMarketFeed (@coinmarketfeed) December 20, 2019
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.
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.”