The government of a province of South Korea has collaborated with the Israeli ogre blockchain to create its own cryptocurrency.
Officials in the eastern coastal province of Gyeongsangbuk-do explain that the digital currency based on blockchain, which will be dubbed the Gyengbuk coin will replace a loyalty scheme to the state called "Hometown Love Gift Cards"
Regional acceptance of the new crypt
According to the provincial government authorities of Gyeongsangbuk-do, the new cryptographic currency will be accepted by merchants across the region. The province includes some of the largest cities in the country, such as Daegu.
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"There are still many problems to be solved by notifying traders the way they use coins, creating separate programs and issuing coins, "says Sunghyun Chung, head of the Gyeongsangbuk-do science and technology department.
"Cryptocurrencies, however, are a fundamental technology to accept".
Is it the beginning of the national adoption of the crypt?
The news of the provincial cryptocurrency comes when South Korean legislators approach the adoption of rules and regulations that will pave the way for the national adoption of cryptocurrency.
Legislators are currently focusing their debate on the legalization of initial coin offerings (ICOs and the creation of a 'Blockchain island'.
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Provincial officials recently visited Zug, the crypto-Swiss valley, to gather ideas and experiences that would help them understand how to implement blockchain technology at Gyeongsangbuk- do.
"I think we can use the information we have borrowed from Zug City produces identity cards from the Gyeongbuk provincial government based on blockchain for employees," a local official told a national broadcaster.
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The Gyeongsangbuk government – runs to issue each year 100 billion won ($ 90 million) of Gyeongbuk coins.