October 23, 2018

Local Currency To Be Replaced By Cryptocurrency In A Korean Province

Local Currency To Be Replaced By Cryptocurrency In A Korean Province

A province found in the Eastern side of South Korea has plans of issuing its own virtual coin to take the place of the local currency used in the nine cities found there. The new cryptocurrency will be issued with a new exchange once it has been put in place. The coins would be used for purchasing items within the businesses in the province, and the traders would use the QR codes of smartphones to accept them.

The Process Has Already Began

The South Korean province that is known as Gyeongsangbuk-do has also disclosed that the process to introduce crypto in place of its local currency has already started. It is not the first time this eastern province in South Korea is attempting to go to the crypto-side of things. It can be remembered that the province once tried to replace the gift certificates issued in the city with the virtual coins. At the moment, the nine cities found in this region give out their own gift certificates. These are basically local currencies that can be applied in certain areas of the province. This is aimed at improving the local trade and even bringing an end to capital flight.

The Currency Has Been Revealed

The tentative identity of the virtual coin that is supposed to be used in this province has been revealed, and it goes by the name Gyeongbuk coin. According to the publication on this whole matter, the first of the 100 billion annual issuances is expected in the first half of the year 2019. The province also has plans of coming up with an exchange where the coins would be bought and then later sold. They would be used for payments, and traders would have a way of identifying them.

According to the province’s head of Science and Technology Policy Department, Mr. Chung Sung-hyun, there are still a number of issues that are supposed to be fixed, and these are issues like informing the traders of the best ways they can use the coins, and even how they can come up with separate programs related to the cryptos. .

Team Sent To Switzerland

The province of Gyeongsangbuk-do just recently sent a benchmarking crew to Switzerland’s canton of the Zug. This is the place that hosts a number of well-known cryptocurrency startups like Xapo, Shapeshift, as well as the famous Ethereum Foundation. The benchmarking team was made up of ten members of the provincial administration. Among these people, there were also some experts that were taken from other places. While there, they held consultative talks with both the local merchants as well as the state officials.

After successfully holding a series of talks with their hosts, one official from Gyeongdangbuk-do province was quoted making these remarks; “It is entirely to use the experienced obtained through the Swiss benchmarking trip”. This, according to the official, can be possible by making identity cards for a total of 5,000 employees that work for the province.

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