Telecom giant KT will manage Busan’s local currency ‘Dongbaekjeon’, to officially launch on the 30th of this month.
Dongbaekjeon is a blockchain-based card-type local currency issued by Busan city.
Busan city will introduce 300 billion won of the local currency to help revitalize its sluggish economy and ease challenges on small businesses.
The card-type local currency can be issued and recharged through the Dongbaek-jeon mobile app, Hana Bank, and Busan Bank.
To focus on helping local businesses, the local currency cannot be used at department stores, large supermarkets, and franchise retailers.