South Korea’s Largest Telecom Company Launched Local Cryptocurrency
South Korea’s Largest Telecom Company KT Corporation formerly Korean Telecom will launch its blockchain-based currency for one of the largest cities. According to the local news outlet dongA, the currency will go live on 30 December 2019.
The News reported:
“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 blockchain-based local currency is for the Busan city, one of the largest city in South Korea. The news reported various ways to access the currency including Dongbaekjeon mobile app and a bank named Hana and Busan Bank.
The article also noted that users can use the “currency at any store in Busan with a credit card terminal”. It is an estimate that the currency is less compatible with large retailers and will encourage users to spend at small local businesses.
Earlier this year the Busan’s Government signs an agreement with KT corporation in February for the building of blockchain-based asset that will be used as a payment processor in Busan city.
Yoo Yong-Gyu, KT’s business centre director for blockchain said:
“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.”
