A province in South Korea to issue its own virtual currency.
The relations between South Korea and cryptocurrency have seen their own ups and downs; however, there is some interesting news for the field of cryptocurrency from South Korea. A region of South Korea called, Gyeongsangbuk, will soon be getting its own virtual currency. This is the experiment of the government for which this area of South Korea has been selected. This is a significant step forward for the sector of cryptocurrency in South Korea considering that at one point, the regulators in South Korea were considering a complete ban on the sector of cryptocurrency.
This new cryptocurrency that will come up will be called Gyeongbuk coin. This coin will effectively replace the gift cards which are often used by the merchants and almost all the cities in that province will adopt this coin. The effects of the new coin will not stop at this, this coin will also be the mode of payment in the province and it would be possible for the citizens to purchase this coin through the means of an exchange. This coin is expected to bring about a massive change in the manner in which transactions are carried out in Gyeongsangbuk province of South Korea. According to the reports, the government intends to produce these coins worth of billion won, previously, the payment method that had dominated the province was ‘Hometown Love Gift Cards’, under this system as well, an equal amount of traditional currency was invested.
The first step in bringing about these changes would be to see to it that the coins are easily available to the residents of the province after the coins are made available, the increased attempts would be made to see to it that these coins are accepted by the merchants with equal amount of ease.
According to the authorities, the path towards making the use of this coin prevalent in the province will not be easy. The government will have to deal with several aspects such as educating the merchants about the use of this currency as well as about its scope. Despite the hurdles, the authorities in the county are firm that digital currency is the kind of technology which would see to it that there is an improvement in the economic sector and therefore it will be adopted. Moreover, it can be believed that this is a well thought out move on the part of the government and will yield positive results in the future.
Also, the team of experts from South Korea has invested enough research in the field to see to it that they are well updated when it comes to carrying out such experiments in the market. This team paid a visit to the Zug region of Switzerland, Zug is known as the “crypto valley”. Moreover, Zug valley is known for providing the kind of environment in which virtual currency would do immensely well. According to the member of the team working in Gyeongsangbuk, the information gathered from Zug can be extremely beneficial to the team working in Gyeongsangbuk. The team working on this project has managed to obtain support from Orbs, which is a blockchain startup.