Largest South Korean Telecom Company Issues Blockchain-Based Local Currency in Busan

South Korea’s biggest telecom company, KT, just announced the launch of a local blockchain-based currency for one of the country’s largest cities, which will reportedly go live on Dec. 30. 

Local news outlet dongA reported on Dec. 19:

“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 media outlet listed multiple ways to access the currency, including a Dongbaekjeon mobile app, a bank named Hana and Busan Bank. 

The article also noted 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 inked 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, media outlet Decrypt detailed in a news report.   

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.”

Earlier in 2019, Cointelegraph detailed Busan’s interest in developing a crypto asset in a July article.