The major South Korean City of Busan is considering the development of its own local cryptocurrency, according to a report from the country’s ETnews. The local government reportedly plans to partner with BNK Busan Bank for the project, and hope it will help revitalize the area’s economy by making Busan a leader in South Korea’s blockchain efforts.
The goal is to develop a stablecoin cryptocurrency that would be pegged directly to the local fiat currency on a 1:1 basis. The decision to pursue a local cryptocurrency comes in the wake of Busan’s designation as one of the two main bidders for the country’s pending creation of a blockchain regulation-free zone.
South Korea’s Ministry of Small and Medium Businesses and Startups suggested earlier this year that the Busan could expect “extensive support” if officials chose to create their own token economy or cryptocurrency structure.
ETnews also reported that city officials plan to have a “local currency exclusive wallet” ready for launch some time this year.
