South Korean Gyeongsangbuk Province Fires Away Local Crypto, Inspired by Swiss “Crypto Valley”

The creators plan to replace the existing payment system with the new coin

Sat, 1/09/2018 - 13:20

South Korean Gyeongsangbuk Province Fires Away Local Crypto, Inspired by Swiss “Crypto Valley”

Cover image via U.Today

While other areas of South Korea just make plans to issue a coin or become a crypto hub, Gyeongsangbuk is actually doing it. The new crypto token, dubbed Gyeongbuk Coin, was made with a purpose to be used instead of gift cards in stores and shopping malls, including the city of Daegu, which is the fourth largest in the country.

The new digital coin

The creators plan to replace the currently used system of settlements with the new token. The new token will be accessible through exchange trading.

The authorities of the province are going to emit new crypto coins worth around $100 mln every year in succession. This is what the existing payment system spread in the province is about.

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The developer's team intends to set up an exchange for the residents of the province and the areas located close by, so as to enable them to trade the new asset against the won. When that happens the local merchants will start taking Gyeongbuk Coin from buyers.

Looking up to the Swiss

Recently, the benchmakers from the aforementioned province have paid a visit to the globally famous Swiss city Zug, known in the community as the “Crypto Valley.” This place is currently implementing Blockchain and virtual coins into the daily life of its residents, such as paying service fees and using digital ID cards for voting.

The town is also encouraging numerous crypto and Blockchain startups to settle thereby offering them low tax rates.

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The Korean team, creators of the Gyeongbuk Coin, plan to borrow the experience of their Swiss colleagues in the DLT sphere.

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About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.