South Korea Creates Gyeongbuk Coin for Gyeongsangbuk-do Loyalty Scheme

Gyeongbuk coin

China may be doing all it can to suppress cryptocurrencies, but South Korea is going the opposite way. Specifically, in its Gyeongsangbuk-do Province. But what’s going on? Well, according to sources, officials are partnering with blockchain startup Orbs to create a province-specific coin called the Gyeongbuk coin.

But why?

South Korea’s Gyeongbuk Coin

The province is issuing the Gyeongbuk coin to replace an already existent state loyalty scheme—the already existent “Hometown Love Gift Cards.” South Korean legislators are making this move to further integrate cryptocurrency across the nation.

100 billion won worth of Gyeongbuk Coin will be released annually.

Enter Your E-mail Address To Subscribe

* indicates required


Merchant’s across Daegu—Gyeongsangbuk-do’s fourth-largest city—are already prepared to accept the coin. However, the system will take some time before it flows without any issues.

According to the head of the science and technology policy department of Gyeongsangbuk-do, Sunghyun Chung:

“There are still many problems to be solved by notifying merchants of the way they use coins, creating separate programs, and issuing coins.”

Crypto in South Korea

In July, South Korea re-evaluated its position on cryptocurrencies by making an official proposal to lift its ICO Blanket ban which it implemented in September 2017.

>> Venezuelan Banks Must Accept Petro—Maduro Introduces New Economic Reforms

The debate over ICOs is still ongoing at parliament, but what is certain is the country’s increasing interest in business based on the blockchain. In order to learn about using the technology at home, officials have, reportedly, made trips to the Crypto Valley in Switzerland.

“I think we can utilize the information we borrowed from Zug City to make blockchain-based Gyeongbuk provincial government ID cards for employees,” a local official stated.

Two of the world’s biggest crypto exchanges, Bithumb and Upbit, hail from South Korea.

What do you think about the Gyeongbuk coin? Let us know in the comments below.

Featured Image: Deposit Photos/ sepavone

If You Liked This Article Click To Share

Sponsored Crypto Content