South Korea Creates Gyeongbuk Coin for Gyeongsangbuk-do Loyalty Scheme

China may be doing all it can to suppress cryptocurrencies, but South Korea is going the opposite way. Specifically, in its Gyeongsangbuk-do Province. But what’s going on? Well, according to sources, officials are partnering with blockchain startup Orbs to create a province-specific coin called the Gyeongbuk coin.

But why?

South Korea’s Gyeongbuk Coin

The province is issuing the Gyeongbuk coin to replace an already existent state loyalty scheme — the already existent “Hometown Love Gift Cards”. South Korean legislators are making this move to further integrate cryptocurrency across the nation.

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