Yesterday, Korean telco KT Corp announced it was selected as the operating agency for Busan city’s blockchain-based local currency Dongbaekjeon. The digital currency will be officially launched at the end of this month with an annual issue amount of 300 billion won ($258 million).
Dongbaekjeon is being issued by the Busan Metropolitan City to boost the region’s local economy and increases sales of small businesses. The word Dongbaekjeon comes from the combination of ‘Dongbaek’ which means ‘Camellia Flower’ and ‘Jeon’ which means money.
Users can recharge the Dongbaekjeon card with the Dongbaekjeon mobile app, and at service counters at Hana Bank or Busan Bank. The use of the currency card is restricted so it cannot by used at department stores, large markets, supermarkets, and some franchise-owned stores.
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