BREAKING: Largest South Korean telecom company issues a blockchain-based local currency in Busan!

South Korea´s largest telecom company KT Corporation announced today that it has been selected as an agent for the operation of Dongbaekjeon, a Busan-based local currency with annual issuance of €230 million (300 billion won).

KT and the Busan Metropolitan Government plan to officially launch the Dongbaekjeon, which is a blockchain-based card-type local currency issued to revitalize the Busan regional economy and ease the burden of small business management.

One can apply for and charge cards at Dongbaekjeon mobile applications, Hana Bank and Busan Bank , and they are available at all stores in Busan with credit card terminals and ATMs. For the moment the use is limited to department stores, large discount stores, corporate supermarkets and gambling shops.

Busan, South Korea’s second most-populous city after Seoul, is considering the launch of a local cryptocurrency, Korean tech news publication ETnews reports July 1, 2019.

Specifically, Busan intends to issue the cryptocurrency in the form of stablecoin, a cryptocurrency pegged 1:1 to the local currency. By issuing a local digital currency, Busan expects to revive the local economy, as well as to secure the leading position in blockchain

In April, South Korea’s Ministry of Small and Medium Businesses (SMEs) and Startups said that the government plans to provide “extensive support if Busan develops its own blockchain-based currency structure or token economy.”

Earlier in February 2019, Busan signed a Memorandum of Understanding (MoU) with blockchain company Hyundai Pay with the purpose of promoting blockchain industry through “contribution to the development of local ICT industry through mutual growth with related start-up businesses.”

Yoo Yong-gyu, KT’s business center director for blockchain, told news agency Decrypt:

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.

Yoo Yong-gyu, KT business director for blockchain

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