Busan, South Korea’s Second Biggest City Wants to Create Its native Cryptocurrency
Korean tech news publication ETnews has reported that Busan is considering the launch of a native cryptocurrency.
According to the report, Busan city authorities are seeking to develop a blockchain-based digital currency project in collaboration with BNK Busan Bank, a subsidiary of local holding company BNK Financial Group. The cryptocurrency that would be the outcome of this project would in all probability be a stablecoin, pegged 1:1 to the local currency in the BNK Busan bank account.
Busan being selected as the preferred bidder along with its competitor Jeju Province, around April 2019. It was just a matter of time before Busan came up with further developments of their own in terms of blockchain and crypto.
Earlier in February 2019, Busan signed a Memorandum of Understanding (MoU) with blockchain company Hyundai Pay with the purpose of promoting blockchain industry through “contribution to the development of local ICT industry through mutual growth with related start-up businesses.”
Busan is now considered a blockchain and crypto-friendly region, where the authorities are taking steps to promote the integration of blockchain technology in various other industries. The South Korean government has previously revealed its plans to invest $3.5 million to create a blockchain-enabled virtual power plant in the city of Busan.
If they can get this project right, Busan will become an exemplary city in South Korea in terms of crypto and blockchain-related developments.