KT announces the launch of local blockchain-based currency

KT announces the launch of local blockchain-based currency

KT, South Korea’s biggest telecom company announced the launch of a local blockchain-based currency for one of the country’s largest cities. This currency will go live on December 30th 2019.

Per dongA’s report ,

“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.”

DongA listed multiple ways to access the currency, including a Dongbaekjeon mobile app, Hana, a bank and Busan Bank.

According to the article, 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.

Busan’s government signed 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, told 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.”

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