The second most populated city in South Korea, Busan, may launch a local cryptocurrency. This information comes from ETnews, a publication on Korean tech news. Busan city officials are working in conjunction with BNK Busan Bank, which is part of BNK Financial Group. The goal is to develop a digital currency which is blockchain based.
The crypto is reportedly a stablecoin, which has a 1:1 ratio to the local currency with BNK Busan Bank. This digital currency is expected to help improve the local economy with the hope of becoming the leader in blockchain.
This news comes as part of the development of a regulation-free zone for blockchain. Busan was chosen as the preferred bidder and the city plans to promote blockchain for different industries. The local government plans to provide support for the currency.
The government of South Korea has plans to invest $3.5 million to create a power plant which will be blockchain-enabled in the city of Busan.