Date: 6 months ago   Category: Economy

The province of South Korea will release own cryptocurrency


According to messages from local news sources, Kenbuk, the province on east coast of South Korea, intends to release own cryptocurrency and to completely replace with her the local currency used in the territory of the province. The authorities of the province also intend to open the exchange at which new coins will bargain, and inhabitants will be able to use QR codes for acceptance of cryptocurrency.

According to messages from local news sources, Kenbuk, the province on east coast of South Korea, intends to release own cryptocurrency and to completely replace with her the local currency used in the territory of the province. The authorities of the province also intend to open the exchange at which new coins will bargain, and inhabitants will be able to use QR codes for acceptance of cryptocurrency.

Under "local currency" mean gift coupons which are issued nine municipalities now. Gift coupons which have initially thought up for maintenance of local economy can be exchanged for goods or services in special places in the territory of the province. The city of Pohang has given the greatest number of these gift coupons, income from which, according to local sources, since January, 2017 has made 90 million dollars.

Of course, "is a lot more questions which need to be solved", - Chong Sung-Hyong, the head of department of science and technology of the province has told. Dealers need to learn how to use coins, and the authorities of the province at first need to release coins. But in this plan steps are already carried out.

the Team of representatives of the project has met in Switzerland recently some local enterprises and government officials as it is known that Switzerland contributes to the development of the local cryptocurrency companies and adapted the legislation taking into account their requirements.

One of members of the team has told that the meeting has inspired team to think of additional benefits of use of blockchain technology: "We are going to use technology for release of 5 000 digital identity cards on a blockchain for public servants of the Province of Kenbuk as it was made in the city of Zug, Switzerland".

the Cryptocurrency industry in South Korea feels quite well, despite rumors about the bans concerning the cryptocurrency exchanges and despite breaking at the Bithumb exchange in June. The South Korean government legalized money transfers with use of Bitcoin in June that contributed to the development of the cryptocurrency industry in the country.

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