KT, what is considered the largest telecom company in South Korea, revealed that it would be bringing out its own digital currency called Dongbaekjeon.
The asset will be issued by Busan City, according to local publication dongA, and there will be an annual issuing of around 300 billion won, the report notes.
There will be multiple ways for citizens to apply for this currency, such as by using the Dongbaekjeon Mobile Application, heading to a Hana Bank, or by going to a Busan Bank window. From there, anybody can use the currency at a store that holds a credit card terminal in Busan. The publication, translated to English, notes:
“Its use is limited in department stores, hypermarkets, corporate supermarkets, and meandering businesses.”
This would be one of many digital, blockchain-based currencies coming to fruition over the years. Lately, China has been working on its own state-based digital asset that is said to be just about done, and may be rivaling Facebook’s Libra stablecoin as well.
Stablecoins tend to be the route that many governments and banks interested in cryptocurrencies and blockchain go, considering the fact that these assets are tied to a physical asset, making it so these parties can simply have their citizens transition over to a digital asset that the governing party can control in some form.