South Korean Province to Issue Its Own Local Cryptocurrency

[kreslik.news]

Geyongsangbuk-do (also known as Geyongbuk), a province on the eastern coast of South Korea, has announced efforts to replace its local currencies with a state-issued cryptocurrency. The plans were reported by local news source Joongang Ilbo.

The province is also planning to create an exchange where Geyongbuk coins can be bought and sold. Participating merchants will then be able to accept the cryptocurrencies using QR codes.

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The local currencies that the province is attempting to replaced are city-issued gift certificates that are currently produced by nine municipalities. The gift certificates were initially developed ... (read more)