China may be doing all it can to suppress cryptocurrencies, but South Korea is going the opposite way. Specifically, in its Gyeongsangbuk-do Province. But what’s going on? Well, according to sources, officials are partnering with blockchain startup Orbs to create a province-specific coin called the Gyeongbuk coin.
But why?
South Korea’s Gyeongbuk Coin
The province is issuing the Gyeongbuk coin to replace an already existent state loyalty scheme — the already existent “Hometown Love Gift Cards”. South Korean legislators are making this move to further integrate cryptocurrency across the nation.
100 billion won worth of Gyeongbuk Coin will be released annually.
Daegu
Merchant’s across Daegu — Gyeongsangbuk-do’s fourth-largest city — are already prepared to accept the coin. However, the system will take some time before it flows without any issues.
According to the head of the science and technology policy department of Gyeongsangbuk-do, Sunghyun Chung:
“There are still many problems to be solved by notifying merchants of the way they use coins, creating separate programs, and issuing coins”
Crypto in South Korea
In July, South Korea re-evaluated its position on cryptocurrencies by making an official proposal to lift its ICO Blanket ban which it implemented in September 2017.
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The debate over ICO’s is still ongoing at parliament, but what is certain is the country’s increasing interest in business based on the blockchain. In order to learn about using the technology at home, Officials have, reportedly, made trips to the Crypto Valley in Switzerland.
“I think we can utilize the information we borrowed from Zug City to make blockchain-based Gyeongbuk provincial government ID cards for employees,” a local official stated.
Two of the world’s biggest crypto exchanges; Bithumb and Upbit, hail from South Korea.
Featured Image: Deposit Photos/ sepavone
Author: Maria Ohle
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