Buyeo County in South Korea, located in the rural province of South Chungcheong, has seen keen interest in a local stable coin powered by a blockchain platform since its inception in early 2019.
According to a report by DongaThe majority of the district’s population consists of older residents. According to census data, a total of approximately 75,000 people live there. In 2019, the county created a token called “Goodtrae Pay” that cost more than $ 267,000.
Started to promote contactless payment
At the time of printing Approximately $ 48.5 million in tokens have been used to strengthen the introduction of contactless payments. The system also uses a smart card based on the near field communication system (NFC). whose goal is to provide residents with a payment method even if they don’t have a smartphone.
Figures released by Buyeo County showed this 54% of residents have downloaded the application or used a smart card to pay with Goodtrae Pay. At least 8% of the tokens received from local companies have not yet been redeemed.
The Goodtrae Pay project was supported by a technology company called InJoyWorks Inc.., which was also encouraged to make smart cards a free payment method for users.
Its use was increased even before the COVID-19 pandemic
The county made that clear The adoption was not driven by the COVID-19 pandemic. They said the asset’s upward trend has skyrocketed since the smart card launched in late 2019.
Recently, The South Korean government announced plans to invest more than $ 48.2 billion in blockchain technology and other Industry 4.0 technologies by 2025. The nation’s goal is to drive the digitization of all industries in the period after the pandemic.
Andong, a city in the South Korean province of Gyeongbuk, also announced this on July 7 They were given permission to operate a free trade zone for industrial hemp.