Gimpo city in South Korea To Have Native Cryptocurrency From April 2019

Gimpo, a city in South Korea is all set to get its very own native cryptocurrency very soon. As per the latest reports from local media outlet ZDNet, the city is having a native crypto token designed for it by the KT Corporation. Although Gimpo is far from being the first region to claim a native cryptocurrency, this still remains an incredibly exciting proposition.

Earlier, we have seen cryptocurrencies being introduced for certain specific regions. For example, the oil-backed cryptocurrency Petro, designed to save the fledgling hyperinflation-plagued economy of Venezuela, is a well-known cryptocurrency of that category. Besides, the city of Vienna has also developed regional tokens meant specifically for the city. Now, with this new development, backed by the KT Corporation, Gimpo in South Korea will follow suit.

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This new coin is expected to be called the K Coin. This week was the first time the plans for such a launch was unveiled to the public. The cryptocurrency, K Coin, is slated to be operations with effect from April 2019. Before that, a trial run of the coin will be conducted in the month of March. The total supply of K Coin to be issued each year will be worth more than $9.7 million. That amount will have a certain section allotted as budget for different social services.

After its launch, the K Coin will be available for use only among merchants who operate within the Gimpo region. The cryptocurrency can be used by scanning of designated QR codes. If a merchant does not really want to accept crypto payments, they will have the option of requesting a fiat conversion. If they choose that option, they will have an equivalent amount of fiat transferred to their bank accounts at absolute no additional cost.

If the trial run is successful, the cryptocurrency may be extended to use in the jurisdictions of other local governments in South Korea. The K Coin is aimed at promoting the use of cryptocurrencies among laymen and also encourage local industries and facilitate transactions for them.

Seo Young-il, chief executive of the KT blockchain division, stated:

“Based on the differentiated technology and business competitiveness of the KT blockchain local currency platform, we will successfully carry out the local currency business in Kimpo City. Local currency introduction will contribute to the revitalization of the regional economy.”