KT Corporation, South Korea’s largest telecom company, has been given the contract to launch a local cryptocurrency in Gimpo area.
The report claims that a pilot project will be carried out in the next month. The new digital currency, K Token, will be introduced in April. Tokens worth KRW 11 billion (USD 9.7 million) will be issued per year by the city. Budgets for various development projects and social services will use this.
Only merchants in Gimpo area will be allowed to use the new K Token. Transactions will be done by scanning QR codes. On the merchant’s request, funds will be converted to fiat currency and transferred to their registered bank accounts. No additional fees will be deducted during the process.
Yeong-il Seo, KT’s senior vice president and head of the blockchain center, expressed his views by saying that the development of local cryptocurrency will help in “revitalization of the regional economy”.
KT representatives hope that after successful implementation of cryptocurrency in Gimpo, other local governments will also join the project.
KT is not the only tech giant in South Korea focusing on blockchain technology. Recently, Samsung also announced that it has developed a system to enhanced the speed of transactions through its enterprise blockchain platform. In order to develop fintech infrastructure in Busan, the country’s second largest city by population, the local government signed a Memorandum of Understanding with blockchain company Hyundai Pay.
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