South Korean’s Busan City Wants To Create Its Own Cryptocurrency

  • Busan could become the first city in South Korea to issue a digital asset pegged to the Korean won
  • Busan is also working on other blockchain-related initiatives

The second largest city in South Korea is analysing the creation of a virtual currency. This is according to the Korean news site ETnews that wrote a report about it on July 1. South Korea is one of the most active countries in the cryptocurrency market, even when the government impose hard regulations on the space.

Busan Could Create A Cryptocurrency

As per the report released by ETnews, authorities of Buscan city want to create a blockchain-based virtual currency. The idea is to work with BNK Busan Bank in order to launch this digital asset to the market.

The intention is to create a stablecoin project that will be pegged 1:1 to the Korean won in the BNK Busan bank account. The main intention behind this development is to activate the local economy and remain a leader in the blockchain market in the country.

South Korea is also working on a regulation-free zone for Blockchain technology and Busan was selected as one of the preferred cities to implement this initiative along with the Jeju Province. At the same time, Busan could also promote blockchain technology in multiple industries, regulate virtual currencies and create a legal framework for Initial Coin Offerings (ICOs). It is worth mentioning that ICOs were banned in South Korea during the bull market experienced by virtual currencies in 2017.

Busan has also signed a Memorandum of Understanding (MoU) with the blockchain company Hyundai Pay in order to promote distributed ledger technology (DLT) through the development of the local ICT industry.

According to the International Monetary Fund (IMF), there are also many different central banks around the world that want to release their own Central Bank Digital Currency (CBDC). The intention is to accelerate technology adoption, reduce costs and improve the financial system in many different regions.

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