South Korean Telecoms Giant KT Is Reportedly Developing a Local Cryptocurrency

Francisco Memoria

The KT Corporation, a South Korean telecommunications giant, has reportedly been selected to develop a cryptocurrency that’s set to be used in the city of Gimpo in the country, in a test that could see it expand to other local governments.

According to ZDNet Korea, the cryptocurrency will be introduced in April of this year, after a pilot project is run next month. The cryptocurrency, called “K token,” is set to see 11 billion won ($9.7 million) worth of it get issued, and will be usable with local merchants.

The news outlet points out that to pay using the K token, uses will have to scan QR codes, and that merchants who accept payments in the cryptocurrency will be able to request a conversion to fiat that’ll be transferred to their bank accounts, without extra fees.

The head of the blockchain center and KT’s senior vice president Yeong-il Seo was quoted as saying (roughly translated):

Based on the differentiated technology and business competitiveness of the KT blockchain local currency platform, we will successfully carry out [a] local currency business in Gimpo City. The introduction of local currency will contribute to the revitalization of the regional economy.

The company is reportedly planning to expand its cryptocurrency project to other local governments that agree to it, based on its performance in Gimpo. Notably, the KT Corporation has last year ventured into the blockchain sector, as it launched a distributed ledger network that was to be applied to various areas, including ID verification, energy trading, and data roaming.

The move could be seen as a step forward for South Korea, a country that has banned initial coin offerings (ICOs), and that has revealed it’s planning on taxing the fundraising practice if it becomes legal again, as well as cryptocurrencies.

In the country, cryptocurrency exchanges are believed to be vulnerable to hacks, according to a report. This, as only some of the nation’s cryptoasset trading platforms cleared the government’s security checks.

Justin Sun Congratulates CZ on Binance Coin (BNB) Price Setting a New All-Time High

On Saturday (April 20), Justin Sun, the Founder and CEO of TRON Foundation congratulated Changpeng Zhao (aka "CZ"), the CEO of Binance, and the rest of the Binance team on the Binance Coin (BNB) price breaking its previous all-time high (ATH), which had been set in January 2018.

This was the tweet Justin sent out at 08:54 UTC on April 20:

CZ replied with this tweet:

According to CryptoCompare, at 07:05 (UTC), the BNB price reached the new ATH of $25.42, as can be seen in the 24-hour price chart shown below:

BNB - 24 Hour CC Chart - 20 Apr 2019.png

As CryptoGlobe reported on April 18, there have been quite a few catalysts behind the impressive rise in the price of BNB over the past three months, a few of which are listed below:

  • High successful initial exchange offerings since January 28 (BitTorrent, Fetch.AI, Celer Network) via Binance Launchpad.
  • Ever-expanding list of use cases for Binance Coin.
  • Regular quarterly BNB token burns (the 7th one was reported by Binance on April 16).
  • Successful mainnet launch of Binance Chain (on April 18), with the swap from ERC20 BNB tokens (on Ethereum) to BEP2 BNB tokens (on Binance Chain) expected to begin on April 23 at 00:00 (UTC).

With regard to future BNB price catalysts, since Binance seems to be betting its future on Binance Chain, the main ones are probably:

  • a successful token swap process (i.e. from ERC20 BNB to BEP2 BNB);
  • existing projects, such as decentralized social media platform Mithril, announcing their migration to Binance Chain; and
  • new projects deciding to adopt Binance Chain.

Finally, if you are a BNB token holder and you are worried about how to prepare for the mainnet token swap, the best advice comes from Binance:

 

Featured Image Courtesy of Binance