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South Korea’s Largest Telecom Firm Announces Launch Of Digital Currency

The news report says that the asset is aimed at helping commerce in the city:

“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.”

Speaking with Decrypt, the Blockchain Business Center director at KT Yoo Yong-Gyu has said that the company’s knowledge of blockchain will also be a great addition to the launch and use of the asset.

“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.”

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