South Korean Largest Telecom Company offers Blockchain-based Local Currency
KT, the largest Telecom company in South Korea has disclosed the launch of a blockchain-based currency in one of the most populous cities of the country.
According to a local news outlet,
“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 gave a list of multiple ways to access the currency, including a Dongbaekjeon mobile app, and as well as a bank named Hana and Busan Bank.
The write-up also provided that participants can utilize 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.
Recall that earlier this year, in February precisely,Busan’s government went into an agreement with telecom company KT for the building of the blockchain-based asset set to hit South Korea’s second largest city.
Recall also that earlier this month, South Korean government made move towards making cryptocurrency related profits taxable. They are yet to come up with their final decision.