South Korean Province To Issue Its Own Cryptocurrency

August 31, 2018

Authorities of the South Korean Gyeongsangbuk-do province are going to issue their own cryptocurrency to replace loyalty program proceeded now in the region.

To create the currency the government has entered in partnership with the blockchain startup Orbs. The cryptocurrency will be named Gyeongbuk Coin and is meant to replace the existing Hometown Love Gift Cards.  

As the province authorities state, they need to take some measures to inform the entrepreneurs of the region on the ways the coins can be used and issued.

Note that another Korea's region, the Jeju island, pleads the country’s president to recognize their territory official blockchain center to attract ICO facilitators as soon as possible.

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