Local authorities believe that this will positively affect the economy and strengthen the leading position of the city in the blockchain. They also believe that the new cryptocurrency will help to establish interaction with startups that are associated with distributed registry technology.
Cryptocurrency will allow you to replace the existing gift certificates. They are used in shopping and entertainment outlets on the territory of Gyeongbuk. Each gift certificate is provided with fiat money, for which you can buy goods in the store.
Busan is one of the main candidates for the creation of a blockchain-free zone. The main competitor of the city – the province of Jeju, in which it was proposed to create a similar sandbox in 2018. The government of the country will make the final decision by the end of July of the current year. The authorities are also tightening control over cryptocurrency operations in order to prevent criminal use of digital coins.