Busan looking to create their own cryptocurrency

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The second largest city in South Korea is considering creating its own cryptocurrency. This, according to a report in ETnews.

Busan, the second largest city in South Korea after Seoul, is now considering the development of their own cryptocurrency. According to a report from the local government, they intend to partner with the BNK Busan Bank on the project in an effort that they hope will rejuvenate and revitalize the local economy.

The plan is an industrious one. The hope is that through the creation of their own stable cryptocurrency they would be able to directly peg their coin in a one-to-one relationship to the local economy.

The plan has been pushed by South Korea’s Ministry of Small and Medium Businesses and Startups. This agency suggested earlier this year that if the city would provide a token economy using cryptocurrency, that they would expect to see “extensive support” from the national government on such a project.

This news was released just prior to what is expected to be the establishment of South Korea’s blockchain regulation-free zone, which will include Busan. As part of this initiative, the city will promote blockchain technology in a multitude of industries, as well as provide initial coin offerings.

It seems like every day there is a new entity looking to create cryptocurrencies. Facebook will soon release its own currency, Libra, and many still believe that Amazon will attempt to create its own digital currency at some point. Russia is considering developing its own cryptocurrency but feels that the initiative is several years away.

These are just a couple of examples, as many governmental agencies are seeing that these digital currencies could be a solution that enables them to be able to control the value of the currency at the local level, best suiting those within their community.

Busan has become a key player in this drive, as they have recently implemented a number of initiatives to implement blockchain technology more thoroughly. This included signing a memorandum of understanding with Hyundai Pay in February and accepting $3.5 million from South Korea’s government to develop a blockchain enabled virtual power plant.

The technology will clearly be in place within Busan, making it an ideal location for the development of its own cryptocurrency. While the plan looks like it is inevitable, no official date was provided as to when they believe that the cryptocurrency will be ready for use. It could be months, maybe even years away.