KT, the South Korean telecom company, is selected by the Korean government to issue a local blockchain-based currency in Busan. ‘Dongbaekjeon’, with annual issue amounting to 300 billion WON is a blockchain-based local currency. This currency is reported to go live on Dec 30, 2019, as per a local news report. Further, the report claims that Dongbaekjeon will revitalize Busan’s local economy and ease the management burden of small businesses.
There are several ways to access this currency namely through a mobile app, Hana Bank or Busan Bank window. However, it cannot be traded immediately at local supermarkets or other retailers.