The Province of South Korea will issue its own currency

The government of a province in South Korea will issue its own digital currency based on a blockchain in a measure to replace a scheme of loyalty to the state, reported local media for the first time on Monday, August 27.

The Gyeongsangbuk-do authorities will partner with Orbs to create Gyeongbuk Coin, which will be launched to consumers instead of the current "Hometown Love Gift Cards".

Gyeongsangbuk-do includes the fourth largest city in South Korea, Daegu, and Gyeongbuk Coin is about to be accepted by merchants throughout the region.

"There are still many problems to be solved by notifying merchants of the way currencies are used, creating separate programs and issuing currencies," The News Asia quotes Sunghyun Chung, head of the science and technology policy department of Gyeongsangbuk. do.

As the Cointelegraph continues to inform, South Korean lawmakers are increasingly moving closer to a wider integration of cryptocurrency across the country.

The current parliamentary debate focuses, among other issues, on the legalization of ICOs and the creation of a blockchain island in the style of Malta.

Previously, a team of officials had visited the Swiss Crypto Valley, during which they seemed to know better how to deploy blockchain technology.

"I think we can use the information we borrow from the city of Zug to make ID cards for the Gyeongbuk provincial government for employees," said another local official.

According to the media, the provincial government plans to issue 100,000 million won ($ 90 million) in Gyeongbuk Coin per year.