Gyeongbuk province, located on the East coast of South Korea, will release its own cryptocurrency for “recovery”. This writes Bitcoin.com.

The coin will be Geyongbuk, and buy and sell it will be on the local exchange, which the regional authorities plan to launch soon. Also, officials will release a cryptocurrency wallet that will allow you to pay the purchase token using a QR code.

National cryptocurrency in South Korea

Geyongbuk will replace the “gift certificates” Pohang is a valuable paper, which produce power for 9 municipalities of the province. They can be used as means of payment as alternatives to the national currency, the newspaper notes. From may to August, the Bank Pachanga, the largest city in Gyeongbuk, sold certificates for 90 million rubles.

Representatives of the administration of the province Gyeongbuk noted that they plan to create a coin in partnership with 10 banks, mobile operator and scientists from the local University. The emission of coins will begin in early 2019, the authorities intend to issue tokens for 90 million dollars.

There are still many problems that need to be addressed. For example, to explain to entrepreneurs how they should adopt and use cryptocurrencies.

In may about plans to release a national cryptocurrency announced the Central Bank of Norway. Then it was reported that the regulator is considering three scenarios for the use of the coin — they can serve as a Supplement to cash, used to store tools, and also as an alternative to Bank deposits.