According to the local reports, KT will lunch its blockchain-based digital currency in the second-largest city of South Korea, Busan, by the end of this month. Citizens will be able to transact the assets from Hana and Busan Bank.
The digital currency aims to revitalize Busan’s local economy.
According to the report, Dongbaekjeon is a blockchain-based card-type local currency issued by Busan City to revitalize the city’s local economy and ease the management burden of small businesses. The digital currency would be accessible via a mobile app named Dongbaekjeon, and participants will be able to use the “currency at any store in Busan with a credit card terminal. The currency would be spent on small local retailers.
KT collaborated with the government of Busan, South Korea.
South Korean telecom company KT had collaborated with the government of Busan earlier in 2019 to build the blockchain-based asset. KT’s business center director for blockchain, Yoo Yong-Gyu, said that with their knowledge of how to operate a regional currency and blockchain security, KT would work towards establishing Dongbaek Currency and contributing to the growth of Busan’s economy.