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Telecom Company KT to launch major digital currency

A telecommuncation company in South Korea announced that it will launch a digital currency in the city of Busan.

The currency will be called Dongbaekjeon or Dongbaek Currency. KT was selected as the operating agent of ‘Dongbaekjeon’, a Busan local currency with an annual issue amounting to 300 billion won. KT and Busan plan to officially release the Camellia War on the 30th. Dongbaekjeon is a blockchain-based card-type local currency issued by Busan City to revitalize Busan’s local economy and ease the management burden of small business. You can apply for and issue your card at the Dongbaekjeon Mobile Application, Hana Bank or Busan Bank window, and you can use it at any store in Busan with a credit card terminal. The use is limited in department stores, hypermarkets, corporate supermarkets, and meandering businesses.

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