Cryptocurrency testing, South Korea is the country's largest telecommunications company

Cryptocurrency testing, South Korea is the country's largest telecommunications company

By Roberto D. | CryptoFarm | 21 Dec 2019


To report is the logical news DongA, yesterday, KT, the largest telecommunications company in South Korea, is ready to start a test on the use of a local currency in what is one of the most important cities in the country ; we are talking about Busan, known in the West for being the stage of a small masterpiece of horror cinema (that train to Busan), in reality the city is a particularly important hub of technological innovation. As can be read in the press release, therefore, the new local currency that KT has designed for Busan will be called Dongbaekjeon, it will be based on blockchain technology and will have, as its main purpose, to support small local businesses helping them to reduce costs. To encourage people to spend in small local businesses, therefore, KT has seen fit to create a series of ad hoc partnerships that exclude large retailers, so citizens can easily spend the new local currency, for however, by means of appropriate cards compatible with the Visa circuit, KT wants to have an eye for small traders. All this was possible thanks to the signing of a memorandum of understanding between KT and the local administration of Busan signed in February; it is therefore striking above all the speed with which the project came to life, since the signing of the protocol took place just ten months ago and the new currency will come into force starting from next December 30th.

The other thing that cannot go unnoticed is the opening of the Korean company to technological innovation, just think of the reactions aroused in Italy when the mayor of a large southern city (Naples) had practically the same idea and was ridiculed practically everyone, starting from ordinary citizens up to the press; while elsewhere, in the rest of the world, in less than ten months we pass from the signing of a memorandum of understanding to the physical issuance of a new local currency, in Italy we do not even have time to present the idea that ignorance rampant inevitably leads to its rejection, in a bleak panorama of jokes and bar jokes. Returning to South Korea, Yoo Yong-gyu, director of KT's blockchain business center, interviewed by Decrypt, said that:

With our know-how to manage regional currency and blockchain security, KT will work to establish the Dongbaek currency and contribute to the growth of the Busan economy.

As anyone can understand, therefore, these are not moves aimed at making money in terms of monetary policy, the new Busan cryptocurrency will not support public spending, it will not generate debt, it is not an impromptu experiment, just to try, but it has the stated goal of supporting small businesses and growing the local economy. In the hope that our country can finally one day open up to innovation, free itself from the rampant ignorance and learn to approach this kind of initiative with seriousness and curiosity, we just have to keep the jokes and bar jokes that the best pens (so to speak) of Italian journalism have reserved the mayor De Magistris, while the rest of the world goes on; to us the bar jokes, to South Korea the technological progress, so is the world today.


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015 Telegram channel: https://t.me/dumbwaystoearn


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