Tuesday, February 25, 2020

South Korean Province of Gyeongsangbuk Launches Its Own Digital Currency

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

The ongoing South Korean blockchain experimental movement which is gaining grounds in the country while considering a location would count the province of Gyeongsangbuk out of the potential sites simply because the region has announced the plans of launching its own “provincial” digital token

This step is typical of the South Korean shift in oversight and regulatory position on digital currency and a total rebuttal of the rumor nine months ago that the country might follow the lead of China which has stringent rules and regulations against cryptocurrency trading.

The Gyeongbuk Token

It has been reported by a local news agency, Joongang Daily, that the new virtual currency namely Gyeongbuk Coin is targeted at creating a substitute or a replacement for gift cards in the market all over the province which will include South Korea’s fourth largest city Daegu. The plan is that the new coin will succeed the traditional and local payment system by making it available for purchase through an exchange.

The province has reportedly revealed intentions to issue about 100 billion won (approximately $100 million) worth of Gyeongbuk Coin on a yearly basis which directly matches of the capacity of the previous conventional provincial payment system which is popularly known as Hometown Love Gift Cards’.

According to the proposed plans, a team of veteran developers and benchmarkers are to develop and monitor the exchange for residents of Gyeongbuk-do and surrounding areas to acquire the new Gyeongbuk Coin with the fiat currency won. Local merchants will then begin to accept the new coin in exchange for good and service. There is a high level of confidence in this system as it should effectively bring the new token into the mainstream and popularize its use.

Head of the science and technology policy department of Gyeongsangbuk-do, Sunghyun Chung, while giving his opinions about the project, was quoted saying that;

 “There are still many problems to be solved by notifying merchants of the way they use coins, creating separate programs, and issuing coins. Cryptocurrencies, however, are a core technology to be accepted.”

A Similitude of Zug

It was reported that some sets of surveyors from Gyeongbuk-do recently journeyed to the famous Crypto friendly Zug City of Switzerland which is fondly referred to as the “Crypto Valley” by the global blockchain community.

Some enthusiasts of the blockchain technology often referred to Zug as the home of blockchain startup of because of it overwhelmingly hosts about 170 startups which include Ethereum Foundation in a low tax. The environment is highly deregulated because of the penchant to encourage crypto innovative evolutions and adoptions at the highest minimum which is unachievable most cities at the moment.

In Zug, residents pay service fees using virtual currency, and they also have access to virtual identity cards which is secured using the blockchain technology. To further prove the rate of adoption in Zug, even schools hand library loan to students on a blockchain in Europe’ crypto capital.

A member of Gyeongsangbuk’s benchmarking team gave an instance of the innovations that can be borrowed from Zug. He stated that;

 “I think we can utilize the information we borrowed from Zug City to make blockchain-based Gyeongbuk provincial government ID cards for 5,000 employees.”

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