South Korea To Issue Gyeongbuk Coin

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The South Korean province of Gyeongsangbuk plans to set up its own cryptocurrency. The new cryptocurrency – Gyeongbuk Coin, is intended to replace gift cards at merchants all over the province, which includes South Korea’s fourth-largest city Daegu. The province intends to issue 100 billion won (roughly $100 million) worth of Gyeongbuk Coin every year. Local business people will then begin to accept Gyeongbuk Coin in exchange for goods and services.

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