In line with a recent news report by native media outlet named ‘ZDNet Korea’, renowned South Korean leading telecom company named ‘KT Corporation’, has been chosen to develop a native cryptocurrency within the South Korean town of Gimpo.
The cryptocurrency – named “K token” – would reportedly be introduced in the month of April, after a pilot program is carried out next month, the report adds. The city plans to issue over 11 Bln won [over $9.7 Mln] priced currency per year, that includes budgets for numerous social services and additional development projects.
The blockchain-based digital currency would be reportedly solely be offered for the merchants within the Gimpo arena. As reported by ZDNet, the system offers payments by scanning QR codes, and merchants can request funds to be converted into standard fiat currency and transferred to their bank accounts without any incurring fees.
In line with ZDNet, KT plans to expand the cryptocurrency to native govt’s that have agreed to try the scheme, based upon the coin’s performance in Gimpo.
Yeong-il Seo, the head of the ‘blockchain‘ center and senior vice president at KT, is quoted within the article stating that the introduction of a native currency “will contribute to the revitalization of the regional economy.”
Also, recently ‘news‘ rumour broke-out that the South Korean city of Busan — the country’s 2nd most renowned town — has signed a MoU [Memorandum of Understanding] with blockchain firm named ‘Hyundai Pay’ to assist develop fintech infrastructure within the ecosystem.