South Korean telecom firm KT announced it will be launching a blockchain-powered digital currency in Busan on December 30 with the aim of promoting local businesses in the city.
According to AMB Crypto, major telecom provider KT revealed that the digital currency, known as the Dongbaek currency, is expected to boost the local economy in Busan, the second-most populous city in South Korea.
However, while the blockchain-powered currency will be accepted in small stores and businesses in the city, large department stores have not confirmed their participation in the KT-led initiative.
“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,” a KT-issued statement explained.
Yoo Yong-Gyu, director for the KT Blockchain Business Center, said the firm is using its expertise in blockchain to develop the digital currency.
“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,” he said.
The local Busan government has been proactively urging businesses in the city to adopt new technologies, including blockchain.
In February 2019, the Busan administration secured a contract for the development of a payment system and digital currency project aimed at local stores as part of its initiative to encourage the implementation of blockchain technology.
By introducing the Dongbaek currency, Busan will be establishing a regionwide payment network to carry out a large number of transactions, according to Yoo.
Major Korean banks have already announced their support for the digital currency, with Busan Bank and Hana Bank confirming that the currency will be accepted for transactions.
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