KT, South Korea’s largest telecommunication company, has recently announced the launch of its cryptocurrency in the second largest city in South Korea, Busan.

It was reported that, the digital currency will be launched by the end of this month. Busan citizens will be able to transact assets from both Hana and Busan Banks.

It was also reported that, the Busan City has released a blockchain-based card-type local currency known as Dongbaekjeon. This currency was created to revive the city’s economy and also lessen the management burden of small scale businesses.

The currency will be accessible through the Dongbaekjeonmobile app. Users of the app will be able to use the currency at Busan stores which have credit card terminals.

KT had partnered with the Busan government earlier in 2019 to create this digital asset. Yoo Yong-Gyu, KT’s business centre director for blockchain, stated that the company will put in efforts to establish the Dongbeak Currency and improveBusan’s economy. He believes this can be achieved by their knowledge on the operation of a regional currency and blockchain security.