Busan, the second largest city in South Korea, hopes to create a local cryptocurrency

Translator: Play the coin family ElaineHu

According to South Korea's science and technology news publishing company ETnews reported on July 1, South Korea's second largest city in Seoul, Busan, is considering launching a local cryptocurrency.

The report said that the Busan City Government is seeking to develop a blockchain-based digital currency project in cooperation with BNK Busan Bank, a subsidiary of local holding company BNK Financial Group.

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Specifically, it is reported that Busan is developing an encryption project in the form of a stable currency, a cryptocurrency linked to the local currency of the BNK Busan bank account. The report pointed out that by issuing local digital currency, Busan hopes to revive the local economy and ensure that it is in a leading position in the development of blockchain.

According to reports in April 2019, Busan and competitor Jeju Island were selected as priority bidders. According to reports, Busan, as a potential development city for the project, will promote blockchain technology in multiple industries and provide a basis for cryptocurrency development, especially including ICO projects.

In April this year, the South Korean SMEs and Entrepreneurship Department said that if Busan develops its own blockchain currency structure or token economy, the government plans to provide broad support.

In early February 2019, Busan and the blockchain company Hyundai Pay signed a memorandum of understanding to promote the development of the blockchain industry by “cooperating with relevant start-ups to contribute to the development of the local ICT industry”.

Earlier, the South Korean government revealed plans to invest 3.5 million US dollars to build a virtual power plant supporting the blockchain in Busan.

At the same time, recently, Korea's leading commercial bank KB Kookmin Bank signed an agreement with blockchain technology company Atomrigs Lab to explore digital asset management and protection solutions.

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