Busan would soon launch a local cryptocurrency!
The authority of Busan, the second-most populous city in South Korea, is on the verge of releasing a new cryptocurrency. According to the sources, the cryptocurrency will not have active collaborations from leading digital coins. Some of the notable leading cryptocurrencies around the world are Bitcoin, Litecoin, and Ethereum.
The new report also states that the authorities of Busan are heading towards the development of the digital currency. Like all the major cryptocurrencies around the world, the local Busan cryptocurrency will also use blockchain technology. Blockchain plays a vital role in making the cryptocurrencies safe and secure.
Moreover, the forthcoming cryptocurrency will be the result of the collaboration between the city as well as BNK Busan Bank. By the looks of it, Busan BNK Bank is a subsidiary of BNK Fin. Group, a local financial holding company.
The new cryptocurrency originates from the heart of Busan
Additionally, Busan is on the verge of curating a new crypto project which follows the entirety of stablecoin. The stablecoin, on the other hand, is a cryptocurrency which is equal to the local currency of a respective region. The region is trying to revive the regional growth in terms of economy. The authorities of Busan believe that there is an urgent need for a regional digital currency. The region will also secure a leading position in the form of blockchain, according to the reports.
Furthermore, the timing to curate groundbreaking regional/local cryptocurrency couldn’t be perfect as South Korea is a regulation-free blockchain zone. Eventually, Busan was chosen one of the places across South Korea to curate local cryptocurrency alongside Jeju Province. And this decision dates back to April 2019.
It looks like Busan was given a distinctive designation for promoting the essence of blockchain technology in several industries. It will also provide an underlying base for the cryptocurrency during the trendy Initial Coin Offerings.
South Korean government shows insurmountable support to blockchain
The Ministry of Small & Medium Businesses as well as startups, in April, said that government plans at supporting blockchain development. Additionally, the government would extend a hand of massive support if the region curates its first cryptocurrency. The government firmly believes that the new token economy and currency structure will help the country’s economy.
In early February, the second largest place after Seoul has also signed a MoU, Memorandum of Understanding with blockchain. Hyundai Pay was also present during the signing of the MoU. Moreover, the MoU promotes the inception of the local blockchain industry to contribute and in turn, develop the regional ICT industry. Blockchain industry and ICT industry in South Korea would help the startup businesses around the country to grow and progress.
The government of South Korea is extremely serious about introducing blockchain industries across the country. According to the sources, the government is revealing plans for investing around $3.5M for curating virtual power plan exhibiting blockchain. And this power plant would be set up in the second largest city of the country, Busan.
The local cryptocurrency of Busan would also feature a wallet to take care of the operation of the local cryptocurrency and manage payment service.