A South Korean province is planning to launch its own cryptocurrency

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A South Korean province is planning to launch its own cryptocurrency

Gyeongsangbuk-Do is a province in the very East of the Korean Peninsula. Local provincial authorities plan to launch its own digital asset.

In order that people could buy and sell Geyongbuk coin (Geyongbuk, or in the official version of Geyongsangbuk-do Gyeongsangbuk-Do in Korean) in the province will build a cryptocurrency exchange. It is said that crypt will be possible to pay in any marketplace and the shop Gyeongsangbuk-Do: dealers will accept payment in digital assets using QR codes.

The intent of the Koreans Geyongbuk coin will be able to replace the gift certificates issued by the nine municipalities of the city, which currently produces nine municipalities Gyeongsangbuk-Do. These certificates are part of the program for economic development in the Area of South Korea. From January 2017, one only Pohang (a city in the Central part of the province) issued gift certificates in the amount of $90 million.

Local authorities say that specific launch date for the cryptocurrency yet: merchants need to understand how this technology works, and the government – to decide which blockchain to issue tokens.

The stock market in South Korea continues to grow despite last year’s ban ICO and hacking the largest Korean exchange Bithumb. The South Korean government has acknowledged bitcoin as a means of making remittances, which naturally increased the profit of local cryptolog: in July they have processed 14% of the total volume of bitcoin transactions.

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