RATE Group | South Korean Province Issues its Own Cryptocurrency
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South Korean Province Issues its Own Cryptocurrency

01 Sep South Korean Province Issues its Own Cryptocurrency

Posted at 13:07h in Cryptocurrency News by

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Gyeongbuk Coin

The South Korean province of Gyeongsangbuk has become the unlikely location for the latest government-sanctioned crypto experiment, with the news that it plans to set up its own cryptocurrency.

The move is emblematic of South Korea’s marked shift in regulatory position on cryptocurrency, from reportedly considering a China-style ban on crypto trading barely nine months ago.

Gyeongbuk Coin

As reported in Joongang Daily, the new cryptocurrency, called Gyeongbuk Coin is intended to replace gift cards at merchants all over the province, which includes South Korea’s fourth-largest city Daegu. The existing local payment system will be replaced in favour of the new coin, which will be available for purchase through an exchange.

The province intends to issue 100 billion won (roughly $100 million) worth of Gyeongbuk Coin every year, which exactly matches that of the previous provincial payment system known as ‘Hometown Love Gift Cards’.

The plan is for a team of developers…

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