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South Koreaâs second-largest city Busan announces it is launching a blockchain-based digital currency in collaboration with telecom giant KT.
South Koreaâs biggest telecom company, KT, just announced the launch of a local blockchain-based currency for one of the countryâs largest cities, which will reportedly go live on Dec. 30.Â
Local news outlet dongA reported on Dec. 19:
âDongbaekjeon 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.â
The media outlet listed multiple ways to access the currency, including a Dongbaekjeon mobile app, a bank named Hana and Busan Bank.Â
The article also noted participants can use the âcurrency at any store in Busan with a credit card terminal,â although compatibility will reportedly be less common among larger retailers in an effort to encourage spending at smaller local businesses.Â
Busanâs 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 Koreaâs second largest city, media outlet Decrypt detailed in a news report.  Â
Yoo Yong-gyu, KTâs business center director for blockchain, told Decrypt:
âWith 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.â
Earlier in 2019, Cointelegraph detailed Busanâs interest in developing a crypto asset in a July article.
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