The government of a South Korean province will issue its own digital money based on the blockchain to replace a state loyalty scheme, with local media first reporting on Monday, August 27th.
Gyeongsangbuk officials will work with the startup blockchain Orbs to create Gyeongbuk Coin, which will distribute to consumers in place of the existing "Hometown Love Gift Cards."
Gyeongsangbuk-do includes the fourth city of South Korea, Daegu, with Gyeongbuk Coin set to see the merchant's acceptance across the region.
"There are still many problems to be solved by notifying traders how they use coins, creating separate programs and issuing coins", Asia News quotes Sunghyun Chung, head of the Gyeongsangbuk-do scientific and technological policy department as mentioned.
"Cryptocurrencies, however, are a fundamental technology to accept."
As Cointelegraph continues to report, South Korean legislators are getting closer and closer
The current parliamentary debate focuses, among other things, on the legalization of ICOs and the creation of a "Blockchain Island" in Maltese style.
A team of officials had previously visited the Crypto Valley in Switzerland, during which they appeared
"I think we can use the information we borrowed from Zug City to create maps of the provincial government of Gyeongbuk-based blockchain for employees, "said another local official.
According to media reports, the provincial government plans to release 100 billion won ($ 90 million) of Gyeongbuk coins in the year