South Korean Province Announces the Release of Its Own Cryptocurrency

The government of Gyeongsangbuk-do partnered with Orbs a blockchain startup to design Gyeongbuk Coin.

Interested investors will be able to buy the cryptocurrency from an exchange and merchants will be able to utilize the coin to sell goods and services with it.

The plan of the government is to release 100 billion won which is around 100 million USD annually for Gyeongbuk Coin. The new system will replace the previously used Hometown Love Gift Cards.

South Korea‘s fourth-largest city Daegu is part of the province. The currency developers are preparing an exchange platform through which the citizens of Gyeongbuk will be able to buy the coin with fiat money.

The head of the science and technology department of Gyeongbuk Sunghyun Chung believes the integration from normal to digital currency is difficult. Sellers need to learn how to use programs and coins, but cryptocurrencies are an important technology that should not be overlooked.

Thanks to Orbs one of the newest blockchain projects, the province of Gyeongsangbuk will issue its own coin.

More recently intelligence officers were sent to Zug City in Switzerland to explore the blockchain technology as the city is known to be the International Crypto Valley. 170 startups are residing in Zug including the top cryptocurrency Ethereum.

The entire Korean nation is in the process of cryptocurrency acceptance. Debates take place on the legalization of Initial Coin Offerings (ICOs), and the country is following Malta‘s footsteps but in the creation of a blockchain land instead.