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South Korea: City of Gimpo to Get Its Own Cryptocurrency

South Korea: City of Gimpo to Get Its Own Cryptocurrency

Reading Time: 2 minutes by on February 17, 2019 News
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The South Korean city of Gimpo will be the latest to have its own native cryptocurrency, as reported by ZDNet on February 14, 2019.

A New Coin in Town

Cryptocurrencies that are attached to a specific location have been around for some time now. Venezuela have their own national currency and cities such as Vienna have developed their own regional tokens. Now, the South Korean city of Gimpo will have their own currency.

According to February a 14, 2019 report, KT Corporation will be responsible for the development of the coin which will be called the K coin.

The crypto will become operational in April 2019 after it completes a trial run in March 2019. The total amount of K coin to be issued will be over $9.7 million each year and part of this will be a budget for various social services.

Once it launches, it will only be available for merchants in the Gimpo area and can be used via scanning QR codes. If a merchant prefers to have their payments in fiat currency, they may request that their K coins be converted to fiat and transferred to their bank accounts with no additional cost incurred.

Possible Future Use

After the trial run is completed, the results will be looked into and should the trial be successful, the scheme could potentially be carried over to other interested local governments besides Gimpo.

The end goal of this scheme is not only to promote the use of cryptocurrency but also to spur up local industries. On top of this, it will help to prevent the circulation of crime-related funds.

Seo Young-il, chief executive of the KT blockchain division, said,

Based on the differentiated technology and business competitiveness of the KT blockchain local currency platform, we will successfully carry out the local currency business in Kimpo City. Local currency introduction will contribute to the revitalization of the regional economy.

It has been talked about in the past, the idea of various regions having their own native token and now, it seems to be turning into a reality. Should the introduction of a regional currency lead to the many benefits being discussed in theory, then it is not far-fetched to imagine that many other places would be interested in the same concept.

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