KT Corporation, South Korea’s Top Telecom Firm, Chosen To Create Local Crypto Asset “K Token”
KT Corporation, Leading Telecom Company In South Korea, Chosen To Create Local Crypto Asset To Be Called “K Token”
Cryptocurrency is often introduced in a few different ways in today’s ecosystem – through a platform that originates in crypto, through a bank-issued asset, and even through the government. Most recently, South Korea made the decision to create a local cryptocurrency in local city Gimpo. However, according to ZDNET Korea’s reports from today, they have employed their leading telecommunications company, KT Corporation, to do the work for them.
The “K token,” as its being called, is not scheduled to be launched until April. However, in preparation, the company plans to run a pilot project for the crypto asset next month, preceding the 11 billion won ($9.7 million) worth of currency that they plan to issue each year. The budget for the launch of the K token will include the needs for development and various social services.
At least for now, the only place that the blockchain-based currency will be made available to consumers is within Gimpo, where merchants will be accepting it. The system will be set up to create payments through QR code. After receiving payment, the merchants can get paid in cash with a request for withdrawal, but there will be no fees charged for the payout.
KT ultimately wants to bring the crypto asset to the local governments after seeing it perform in Gimpo, which would allow multiple areas to contribute to the economic community. Yeong-il Seo, the head of the blockchain center and KT’s senior VP, was quoted in the since-translated local publication, saying, “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 Gimpo City.” He added that the introduction of cryptocurrency will help revive the economy in the area.
Earlier today, South Korea’s IT sector of Samsung revealed that they had been working to improve the speed of blockchain transactions through their enterprise blockchain platform. In the city of Busan, Hyundai Pay announced that they had signed a memorandum of understanding (MoU) for the further development of fintech infrastructure for the area.