One of South Korea’s leading telecommunications company KT Corporation decided to develop and eventually launch a local cryptocurrency in the South Korean city of Gimpo according to the local crypto news media outlet ZDNet Korea reports.
The new crypto dubbed ‘’K Token’’ will likely be introduced by April this year after the pilot project will be conducted next month according to the report. The city of Gimpo plans to issue about $9.7 million in the local crypto each year which will be used to fund budgets for different social services and development projects and ideas.
The K Token is a blockchain-based cryptocurrency that will be only available for merchants in the Gimpo area. As ZDNet reports, the system will make easy for payments to be made by scanning QR codes. Also, merchants can ask for funds to be converted into fiat that can be later transferred to their bank accounts without the high and unnecessary fees.
The telecommunications giant hopes to expand the cryptocurrency for local government use for all of those who have accepted to try out the K Token based on how well the coin will perform in Gimpo.
Senior vice president and head of the blockchain center at KT, Yeong-il Seo, reportedly said in an interview that the introduction of a locally developed cryptocurrency will ‘’contribute to the revitalization of the regional economy.’’
What is also interesting is that another South Korean tech giant Samsung announced they are developing a new technology that will be able to speed up the blockchain transactions.
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