Telecom Company Launches Crypto for S. Korea’s Second Most Populated City
KT, South Korea’s largest telecom company, has launched a local cryptocurrency for the nation’s second most populated city, Busan.
According to local news outlet dongA, the new cryptocurrency, Dongbaekjeon, will go live on Dec. 30.
“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,” South Korean news outlet dongA reported.
Users will have many ways to access Dongbaekjeon, including a new mobile app, and in person by visiting either a Busan Bank or Hana bank branch.
The currency will be available at “any store in Busan with a credit card terminal.”
The partnership between telecom giant KT and Busan’s government dates back to Feb. 2019, when media outlet Decrypt reported the city was planning to launch a blockchain-based asset.
In that article, 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.”