KT Corporation, the leading telecommunications firm in South Korea had been chosen to develop a local cryptocurrency in the city of Gimpo.
ZDNet Korea – a local media outlet – reported on Feb 14 that the digital currency called “K Token” – is scheduled to be launch in April, after the pilot project next month. 11 billion won ($9.7 million) worth of currency is expected to be released each year, funding for development and other social services program.
In the foreseeable future, this cryptocurrency will only be available for merchants in Gimpo. Payments will be made via QR code, after that, the merchants can request for withdrawal with no additional charge.
If the trial in Gimpo succeeds, KT Corporation plans to popularize this crypto asset to the local government, which would allow them to contribute to the economic community.
“Based on the differentiated technology and business competitiveness of the KT blockchain local currency platform, we will successfully carry out the local currency business in Gimpo City.” said Yeong-il Seo, the head of the blockchain center and senior vice president at KT, adding that the introduction of ‘K Token’ “will contribute to the revitalization of the regional economy.”