Korea’s Giant Telecom Firm Plans to Launch a Digital Currency
KT, the largest telecommunications firm in South Korea, plans to launch a digital currency in the city of Busan. According to media reports, the digital currency can be used at any store that accepts credit cards in the city.
Various reports indicate that the digital currency could go live as soon as December 30 this year. The digital currency is being issued in collaboration with Busan City, which is the second-largest city in South Korea. According to media reports, the digital token will be accessed via a mobile app named Dongbaekjeon. This digital currency aims to revitalize the local economy of the city and to ease the accounting burden that small businesses have to deal with.
Besides the mobile app, residents of the city will be able to access the digital currency via Hana and Busan Bank. Thus far, it appears that the focus is on small businesses in the city. There are reportedly very few large stores in the city that will be able to accept the digital currency.
Media reports indicate that plans for the digital currency began in early 2019. This was when Busan inked a deal with KT for them to create a blockchain-powered digital currency. Busan officials believe that with their expertise in digital currencies and the blockchain, they will play a crucial role in helping to revitalize the local economy of Busan.
KT and Blockchain Technology
KT has been quite active in the crypto and blockchain space. For instance, it launched a blockchain platform in October that would be used to authenticate halal food. Billions of people who adhere to Islamic law could become potential users of the platform. To develop the platform, the firm worked with the Korea Muslim Federation and B-square Lab, a blockchain-focused firm.
If the Busan project is successful, it could become a useful model on how to launch a digital currency for the masses. For instance, nations planning to launch a national digital currency could use Busan as a case study to learn how to do it the right way.
Published at Tue, 24 Dec 2019 02:17:19 +0000
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