South Korea's Busan Wants to Create a Local Cryptocurrency

1 min reading

One of the largest cities in South Korea is considering launching a local cryptocurrency. The new virtual currency will be a stablecoin.

Korea's new cryptocurrency

According to the report by ETnews, Busan authorities, along with the local bank BNK Busan, are working on a digital currency project based on blockchain technology. The new cryptocurrency is to be a stablecoin, which will be basically the same as the local currency. By emitting tokens, the city expects to revive the local economy, as well as strengthen its position in the blockchain. At the moment, the project takes into account only the clients of a local bank, but there are plans to expand the project next year; according to the bank's official, they are working on ways of using the currency not only in Busan Bank but also in ZeroPay stores.

Busan favours cryptocurrencies

This information has appeared shortly before South Korea was determined as a zone free of blockchain regulations. Busan was chosen as the preferred bidder along with another competitive province. The city intends to promote not only blockchain technology in various industries but also complete ICO legalization. Two years ago, the country imposed a total ban on conducting "collections", so now the province might be the reason for the release of strict regulations regarding cryptocurrencies.