South Korean Province to Issue Own Coin as Gov’t Says Crypto Should Be ‘Accepted’
The South Korean province of Gyeongsangbuk-do will work with blockchain startup Orbs to replace its loyalty scheme with Gyeongbuk Coin.
Officials in Gyeongsangbuk-do will partner with blockchain startup Orbs to create Gyeongbuk Coin, which it will roll out to consumers in lieu of the existing “Hometown Love Gift Cards.”
Gyeongsangbuk-do includes South Korea’s fourth-largest city, Daegu, with Gyeongbuk Coin set to see merchant acceptance across the region.
“There are still many problems to be solved by notifying merchants of the way they use coins, creating separate programs, and issuing coins,” The News Asia quotes Sunghyun Chung, head of the science and technology policy department of Gyeongsangbuk-do as saying.
“Cryptocurrencies, however, are a core technology to be accepted.”
As Cointelegraph continues to report, South Korean legislators are moving ever closer to wider integration of cryptocurrency nationwide.
“I think we can utilize the information we borrowed from Zug City to make blockchain-based Gyeongbuk provincial government ID cards for employees,” a further local official stated.
According to the media, the provincial government plans to release 100 billion won ($90 million) worth of Gyeongbuk Coin per year.