KT, the largest telecom company in all of South Korea has announced that it will launch a digital asset for Busan City, one of the largest cities in the country. According to a report from dongA, the platform will go live at the end of the year.
The news report says that the asset is aimed at helping commerce in the city:
“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 businesses.”
Furthermore, adoption and use is expected to be easy as the report says that the currency can be spent at any store in the city that accepts credit card payments. It, however, states that usage and support with bigger businesses and retailers might not be readily available because the currency is aimed at helping smaller local businesses.
Speaking with Decrypt, the Blockchain Business Center director at KT Yoo Yong-Gyu has said that the company’s knowledge of blockchain will also be a great addition to the launch and use of the asset.
“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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