• Live Crypto Prices
  • Crypto News
    • Worldwide
      • Bitcoin
      • Ethereum
      • Altcoin
      • Blockchain
      • Regulation
    • Australian Crypto News
  • Education
    • Cryptocurrency For Beginners
    • Where to Buy Cryptocurrency
    • Where to Store Cryptos
    • Cryptocurrency Tax in Australia 2021
No Result
View All Result
CryptoABC.net
No Result
View All Result

Independent Local Stablecoin Booming in South Korea’s Buyeo

April 2, 2021
in Crypto News
Reading Time: 2min read
0 0
A A
0
Independent Local Stablecoin Booming in South Korea’s Buyeo
0
SHARES
1
VIEWS
ShareShareShareShareShare

Statue of the Lying Buddha of Miamsa Temple in Naesan-myeon, Buyeo-gun, South Korea. Source: Adobe/Yeongsik Im

The circulation of a local stablecoin operated by South Korea’s Buyeo County has exceeded the USD 93m mark as the county looks to expand the use of its token.

Per Kuki News, the county has enabled near-field contact (NFC) payment methods using smartcards and Android and iOS smartphones and “self-developed” its own platform, using blockchain technology – in association with the blockchain-powered app developer EnjoyWorks.

The county issued the stablecoin, named Goodtrae Pay, in December 2019. And Buyeo says that almost 10% of all the tokens (USD 8.8m) issued have been reused, rather than being converted to fiat.

The token is pegged 1:1 with the Korean won, and can be used at hundreds of local merchants’ outlets – as well as larger co-operative supermarkets in the county. Agricultural producers and buyers in the county can also trade using the token.

The project’s masterminds claim that the token involves “practically no transaction fees” and completely does away with banking-based payment methods.

Park Jeong-hyun, the administrative leader of Buyeo County, was quoted as stating that the project’s architects had “tried to incorporate the economic value of the community into Goodtrae Pay “building on its ties and trust bonds with the community.”

Most other successful local stablecoin projects in South Korea have relied on technology partnerships with the county’s telecom giants – as well as the fast-expanding Korea Minting, Security Printing and ID Card Operating Corporation. The latter has gone from printing banknotes and minting coins to issuing blockchain-powered stablecoins, and has experienced phenomenal recent growth as a result.

Buyeo, in South Chungcheong Province (in the East of the county), has a population of around 80,000, and is a tourist hotspot, particularly popular among history buffs. It was once the epicenter of the Baekjae Kingdom from the first century BCE to the seventh century CE.
____
Learn more:
– Stablecoins May ‘Penetrate Non-Crypto Markets’ & Surpass USD 100B in 2021
– Visa Starts Settling Transactions in USD Coin On Ethereum
– Why This Bitcoin-Believing Startup Bets on Facebook’s Diem Instead
– Thai Central Bank Sets A Precedent By Banning Baht-pegged Stablecoin

Credit: Source link

ShareTweetSendPinShare
Previous Post

Altcoins Poised to Pull Off Massive Gains As Bitcoin Nears Possible Breakout, Says Crypto Trader Lark Davis

Next Post

Why Did The Bitcoin Rally Stop At The Golden Ratio?

Next Post
Why Did The Bitcoin Rally Stop At The Golden Ratio?

Why Did The Bitcoin Rally Stop At The Golden Ratio?

You might also like

Bitcoin At A Crossroads: $97,000 Cost Basis Holds Key To Next Breakout

Bitcoin At A Crossroads: $97,000 Cost Basis Holds Key To Next Breakout

June 8, 2025
US Authorities Seize 145 BidenCash Domains, Curtail $17M Dark Web Credit Card Empire

US Authorities Seize 145 BidenCash Domains, Curtail $17M Dark Web Credit Card Empire

June 6, 2025
Swiss-based Crypto Firms Selects Tezos for Tokenizing Finance Products

Tezos Activates Data Availability Layer to Boost Scaling Efforts

June 6, 2025
Trump Announces Renewed Trade Talks With China After Accusing Country of Breaching Previous Agreement

Trump Announces Renewed Trade Talks With China After Accusing Country of Breaching Previous Agreement

June 7, 2025
Analyst Michaël van de Poppe Says Bitcoin Is About To Go Higher, Updates Outlook on Sui and One Low-Cap Altcoin

Analyst Michaël van de Poppe Says Bitcoin Is About To Go Higher, Updates Outlook on Sui and One Low-Cap Altcoin

June 6, 2025
Is Bitcoin Bottom In? Analysts Forecast Bounce Back

Bitcoin Repeating 2024 Rally? Analysts Eye ‘Real Breakout’

June 7, 2025
CryptoABC.net

This is an Australian online news/education portal that aims to provide the latest crypto news, real-time updates, education and reviews within Australia and around the world. Feel free to get in touch with us!

What's New Here!

Is Bitcoin Headed for a Meltdown? Veteran Trader Sees 75% Crash Ahead

Is Bitcoin Headed for a Meltdown? Veteran Trader Sees 75% Crash Ahead

June 11, 2025
VeChain Foundation Releases Q1 2024 Treasury Report

Together AI Launches Cost-Efficient Batch API for LLM Requests

June 11, 2025

Subscribe Now

  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 cryptoabc.net - All rights reserved!

No Result
View All Result
  • Live Crypto Prices
  • Crypto News
    • Worldwide
      • Bitcoin
      • Ethereum
      • Altcoin
      • Blockchain
      • Regulation
    • Australian Crypto News
  • Education
    • Cryptocurrency For Beginners
    • Where to Buy Cryptocurrency
    • Where to Store Cryptos
    • Cryptocurrency Tax in Australia 2021

© 2021 cryptoabc.net - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Heart NumberHeart Number(HTN)$0.000000-30.47%
  • TadpoleTadpole(TAD)$0.000000-1.76%
  • SEENSEEN(SEEN)$0.000000-2.27%
  • EvedoEvedo(EVED)$0.000000-0.80%
  • MarginswapMarginswap(MFI)$0.000000-2.17%
  • SakeTokenSakeToken(SAKE)$0.0000004.37%
  • WTF TokenWTF Token(WTF)$0.0000000.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.000000-5.83%
  • RobotinaRobotina(ROX)$0.00000038.50%
  • CageCage(C4G3)$0.000000-3.67%