South Korean County, Buyeo, located within the rural province of South Chungcheong, has been witnessing strong interest in a native blockchain-powered stablecoin since its creation earlier in last year.
In line with a recent official report published by Donga, most of the county’s population is formed of elderly residents. Census data indicates that around 75k people live there in total. Earlier in 2019, the county created a native token named “Goodtrae Pay” at a cost of over $267k.
Strengthening The Adoption Of Contactless Payments
As the time of reporting, around $48.5 Mln in tokens are utilized in an attempt to strengthen the adoption of contactless payments. The system also uses a Near-Field-Communication, or NFC, based open-end credit that aims to offer residents with a payment method even if they don’t own a smartphone.
Recent figures published by Buyeo County revealed that around 54% of its residents have downloaded the application or used a smart card to pay with Goodtrae Pay. Around 8% of the tokens received by native businesses haven’t yet been cashed out into fiat.
Goodtrae Pay project was supported by a tech company named InJoyWorks Inc., that also cheered up for creating the smart cards a zero-fee payment method for users.
Project Skyrocketing Even Before Covid-19
The county clarified that adoption wasn’t boosted by the coronavirus outbreak. They said that the asset’s bullish trend has been skyrocketing since the smart credit was launched earlier in last year.
Recently, the South Korean government announced its plans to invest over $48.2 Bln into Blockchain Technology and other Industry 4.0 technologies by 2025. The nation’s goal is to market the digitization of all industries within the upcoming post-pandemic era.
Andong, a city within the Gyeongbuk province of South Korea, also announced earlier on 7th July that they’ve been granted a permit to operate a trade free zone for industrial hemp.