Bitcoin News Is Not For Sale

Please don’t skip this message — it only takes a few minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent media that is bitcoin-only is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 won’t break you, we hope.

To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send a Sats as a tip to a writer. Each and every one of our writers has an active tipping widget.

  • Join our campaign on Awesome perks are waiting for you such as the Bukele Blend Coffee.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.

South Korean Province Replaces Loyalty Scheme With Digital Currency

written by

South Korean Province Replaces Loyalty Scheme with Digital Currency

Support free journalists: > send a tip

The local government in the South Korean province of Gyeongsangbuk-do has plans to issue its own digital currency to replace a state loyalty scheme.

Gyeongsangbuk-do officials will reportedly partner with the blockchain startup Orbs, to develop and issue ‘Gyeongbuk Coin’ to replace the current ‘Hometown Love Gift Card’ being used by residents. Gyeongbuk Coin will be backed by blockchain technology, although local media reports do not indicate if the state plans to develop its own or use one already developed.

The scheme plans to issue KRW 100 billion worth each year, the same total as that issued in the loyalty scheme. Coins will be bought on an exchange using the South Korean won, and can then be spent at participating businesses using smartphone QR codes.

Chung Sung-Hyun, head of the science and technology policy department in Gyeongsangbuk-do said the main issues still to be addressed include informing merchants on how the digital coins can be used and how the process works, as well as creating separate programs and issuing the coins. On the subject of cryptocurrencies, he described them as a ”core technology to be accepted.”

A forward-thinking country

South Korea is recognized as having some of the most progressive, forward-thinking attitudes towards blockchain globally.

Most recently, the country announced it would host a blockchain awareness hackathon as part of the 2018 Blockchain Promotion Week. Scheduled to take place from 26 to 30 November, the hackathon aims to boost public awareness of blockchain itself and show society and industries its true potential.

A blockchain reality television show is planned to hit the screens in South Korea this October, titled ”Blockbattle: Who’s the next Satoshi?” Five episodes are scheduled to air, following blockchain-experienced applicants and a range of international experts from technology, business, law, marketing, and finance to assist them through the various challenges.

Follow on Twitter: @BitcoinNewsCom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy: Pixabay

Enjoyed the article?

100% of your tips go directly to [email protected]
Need a wallet? Get it here

⚡️ Tip The Author

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


Join our Newsletter


Latest on Bitcoin News

Video of the Week

Join our Newsletter