South Korean City of Busan Wants Its Native Cryptocurrency

An interesting bit of news has reached us from the second most populous city of South Korea, Busan. Korean tech news publication ETnews has reported that Busan is considering the launch of a native cryptocurrency.

Every major country in the world is looking to ride the cryptocurrency wave, which makes it quite obvious that the South Koreans won’t be left behind. The report claims that the officials want to develop a blockchain-based digital currency project in the city.

This project they envision to build in collaboration with BNK Busan Bank, a subsidiary of local holding company BNK Financial Group. The cryptocurrency that would be the outcome of this project would in all probability be a stablecoin,  pegged 1:1 to the local currency in the BNK Busan bank account.

South Korea has recently announced the development of an upcoming blockchain regulation-free zone, which saw Busan being selected as the preferred bidder along with its competitor Jeju Province, some time around April 2019. It was just a matter of time before Busan came up with further developments of their own in terms of blockchain and crypto.

The local economy of the city is currently going through a period of slump, and it is being speculated that this new cryptocurrency would help in reviving the local economy. They would also have an opportunity to showcase their progress in terms of experimenting with blockchain technology.

Busan is now considered a blockchain and crypto friendly region, where the authorities are taking steps to promote the integration of blockchain technology in various other industries. The South Korean government has previously revealed their plans to invest $3.5 million to create a blockchain-enabled virtual power plant in the city of Busan.

If they can get this project right, Busan will become an exemplary city in South Korea in terms of crypto and blockchain related developments.