Busan’s Largest South Korean Telecom Company Issues Local Currency based blockchain.

South Korea’s largest telecommunications company, KT, has just announced. The launch of local blockchain-based currency for one of the largest cities in the country, officially going live on Dec. 30.

Local news outlet dongA announced on Dec. 19, Dongbaekjeon is a local card-type blockchain-based currency launched by Busan City. To revitalize the local economy of Busan and ease the small business management burden.

Several ways to access the currency were listed by the media outlet. Including a mobile app from Dongbaekjeon, a bank named Hana and Busan Bank. Also, the article noted that participants may use the “with a credit card terminal at any store in Busan”. Although availability is stated to be less popular among larger retailers in an effort to encourage spending on smaller local businesses.

Earlier this year in February, Busan’s government inked an agreement with telecom company KT. To develop the blockchain-based asset set to hit the second-largest city in South Korea, the media outlet Decrypt outlined in a news report.

Yoo Yong-Gyu, KT’s Business Center Manager for Blockchain, told Decrypt KT will work towards developing Dongbaek Currency. And contributing to the growth of Busan’s economy with their know-how of running a regional currency and blockchain protection. Earlier in 2019, in a July report, a thorough interest of Busan in creating a crypto-asset.

Source: cointelegraph.com

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