The Gimpo City will issue 11 billion won in digital currency from April. The city named KT to establish a platform for the digital currency, which can be used only inside the city.
The city will use KT’s blockchain-based platform to issue its regional digital currency, which the merchants in the city would accept. Instead of the banknotes, the city provides welfare benefits in digital currencies to the residents.
This digital currency is to stimulate the regional economy by limiting the use of cyber currency only inside the region.
Forgery of the digital currency is impossible, and converting the digital currency into cash is also impossible. The city can used track how and where residents use the currency. The information would become Big Data in helping the city chart residents-friendly policies in the future.
