Dongbaekjeon digital currency launched by KT for Busan

South Korea’s largest telecommunications company, KT, has announced the launch of a local blockchain-based digital currency for Busan. The Dongbaekjeon digital currency will become available on December 30.

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1 Digital currency Dongbaekjeon

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The dongA news agency reported:

“Dongbaekjeon is a blockchain-based local cardchain issued by Busan City to revitalize Busan’s local economy and ease the burden of managing small businesses.”

The press presented several ways to access digital currency, including a Dongbaekjeon mobile app.

The article also mentioned that participants can use “currency in any busan store with a credit card terminal”. However, the purpose is to encourage spending on smaller companies.

Digital currency Dongbaekjeon

Digital currency is compatible with major banks such as Hana Bank and Busan Bank, and the currency can be used at any local store with existing credit card readers.

Each year, KT and Busan will release Dongbaek worth $ 260 million. Users will receive a six percent cashback for using digital currency.

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The Busan administration signed an agreement with the telecommunications company KT in February this year. The purpose of the collaboration was to build a blockchain asset to be used in the second largest city in South Korea.

Yoo Yong-gyu, director of KT’s business center for blockchain, told Decrypt:

“With our know-how to operate a regional currency and a blockchain guarantee, KT will work to establish the Dongbaekjeon currency and contribute to the growth of the Busan economy.”