Gyeongsang, an Eastern South Korean Province, Will Issue Its Own Cryptocurrency

Bernard Obiechina
Aug 31, 2018 · 2 min read

A South Korean daily newspaper, JoongAng ILbo, reported this week that a province in eastern South Korea, Gyeongsang, will issue its own cryptocurrency to replace local currencies, according to Bitcom. The nine cities in Gyeongsang will be replacing its local gift certificates with a cryptocurrency.

However, Gyeongsang will be naming its cryptocurrency, Gyeongbuk coin, and about $90 million is expected in its first annual issuance. This initiative will be accompanied with a development of an exchange where Gyeongbuk coins can be purchased and, equally, sold, according to the report. This innovative idea will facilitate the conduct of business operations at Gyeongsang province. The Gyeongbuk coins are projected to be used for trading and payments which can be accessible using smartphone QR codes.

In the light of this development, Gyeongsang’s head of Science and Technology Policy Department, Chung Sung-hyun, stated that “there are still many issues needed to be resolved such as notifying merchants of the technicalities to utilizing the technology and creating seperate programs and issuing the coins (the Gyeongbuk coin).”

According to the report, a group of Gyeongsang’s benchmarking team went to canton of Zug, Switzerland, which is the hub of crypto startups, to meet local crypto businesses. After a spate of meetings, the Gyeongsang’s officials thought of initiating the outcome of several meetings at canton of Zug, Switzerland in Gyeongsang, South Korea.

Bitkub.com

www.bitkub.com

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