Rajarshi Mitra
Independent Analyst
- As per a report, the currency can be used at any store in Busan with a credit card terminal.
- Citizens will also be able to transact the assets from Hana and Busan Bank.
South Korea’s biggest telecom company, KT, recently announced the launch of its own blockchain-based currency. It will reportedly go live on December 30 in the second-largest South Korean city Busan. As per a recent report by local news outlet dongA:
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 outlet also listed several ways to access blockchain-backed assets. It included a mobile app named Dongbaekjeon. Citizens will also be able to transact the assets from Hana and Busan Bank. The article also stated that participants will be able to use the “currency at any store in Busan with a credit card terminal.” This comes as an effort to encourage spending at small local businesses. Reportedly, compatibility will be less common among larger retailers.
According to media outlet Decrypt, KT had tied up with the government of Busan earlier in 2019 to build the blockchain-based asset. 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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