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South Korean Province to Issue Own Coin as Gov’t Says Crypto Should Be ‘Accepted’

The government of a South Korean province will issue its own blockchain-based digital currency in a move to replace a state loyalty scheme, local media first reported Monday, August 27.

Officials in Gyeongsangbuk-do will partner with blockchain startup Orbs to create Gyeongbuk Coin, which it will roll out to consumers in lieu of the existing “Hometown Love Gift Cards.”

Gyeongsangbuk-do includes South Korea’s fourth-largest city, Daegu, with Gyeongbuk Coin set to see merchant acceptance across the region.

Cryptocurrencies, however, are a core technology to be accepted.”

As Cointelegraph continues to report, South Korean legislators are moving ever closer to wider integration of cryptocurrency nationwide.

According to the media, the provincial government plans to release 100 billion won ($90 million) worth of Gyeongbuk Coin per year.

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