3.5M South Korean City to Launch Its Own Stablecoin
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July 1, 2019
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South Korean city with 3.42m population Busan is in talks with BNK Busan Bank to launch its own stablecoin-like, which would be pegged 1:1 to the South Korean won, ETnews reports.

At press time, it's unknown how the upcoming crypto would be called, however, the local media highlights the asset will be based on the blockchain network, developed by the bank.

It's believed the stablecoin-like asset should revitalize the local economy. As another reason for the development of this asset is Busan's desire to take "the leading position in the blockchain industry."

Earlier this year, one of the oldest South Korea's financial institutions, Shinhan Bank, announced the launch of its blockchain-based verification system that can replace the verification process of certification documents required in Korea.

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