Reported by the dongA on December 19, the new currency – dubbed Dongbaekjeon – works as a blockchain-powered card-type local currency, developed by the authorities of Busan city, in an attempt to improve the economy in the area, and provide a tool for small-scale companies to resolve management-related matters.
A number of options are available to gain access to the new currency project, including a Dongbaekjeon application on mobile devices and via the Hana and Busan Bank.
Furthermore, users are also able to use the currency as a means of payment at whichever Busan-based store equipped with a credit card terminal.
Major retailing corporations will be less compatible to the new currency, to set the trend for consumers to spend more at the small-scale, local establishments.
The currency project is a result of an event happened previously in February 2019, where the officials in Busan city has agreed on a deal with KT to design a new blockchain-powered asset for the city.
“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.” Yoo Yong-gyu, head of blockchain business center at KT, further revealed.