KT will issue its blockchain-based local currency in the southeastern Metropolitan City of Ulsan following Gimpo City.

KT said Sunday that it had been selected as the operator of Ulsan’s local currency called “Ulsan Love Gift Certificate (Ulsan Pay),” which will be issued from August -- 30 billion won per annum. KT’s blockchain-based local currency platform “Good Pay” will be used for Ulsan Pay. Gimpo Pay, which is now in operation in Gimpo, Gyeonggi Province, is being offered through KT’s Good Pay.

Ordinary users can recharge and use the local currency and receive welfare benefits through the Good Pay. Users of franchise affiliates can manage transaction history and apply for currency exchange services to cash in the local currency through the Good Pay.

KT and Ulsan plan to hold briefing sessions on the local currency plan for industrialists and citizens in Ulsan and recruit affiliates. /hyun@decenter.kr

Park Hyun-young