Photo taken from dongA.com
South Korea has made some veritable leaps in blockchain development this year. Its latest breakthrough sees Busan, South Korea’s second largest city which is home to more than 8 million people, slated to launch its own local digital currency coined “Dongbaekjeon”. KT, South Korea’s largest telecommunications company formerly known as ‘Korea Telecom’, will be spearheading the project with the Busan government.
According to local news media dongA.com, 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.”
The card is easily accessible with applications from Hana Bank and Busan Bank, or through the Dongbaekjeon mobile app. Users will be able to use this card at any stores in Busan which have credit card terminals. However, card usage may be limited for some large businesses such as department stores and corporate supermarkets.
