Busan Metropolitan City launched a blockchain-based local currency Dongbaekjeon starting on December 30, 2019. The city is issuing the Dongbaekjeon to vitalize the local economy through the boosting of sales from small businesses throughout the city.
“Dongbaekjeon is a blockchain-based card-type local currency. You can apply and charge the cards through the mobile application of Dongbaekjeon, at service counters at Hana Bank and Busan Bank, and use it at participating stores in Busan where credit card terminals are located. The usage of Dongbaekjeon is confined to department stores, large marts, large supermarkets (SSM), some franchisee-owned stores and businesses which aren’t registered in Busan.
As part of its launch promotion, users will get 10 percent cashback on every transaction when using Dongbaekjeon until January 31, 2020. After the promotion, the city is giving users 6 percent cashback on every single transaction.
For more information, please contact the Dongbaekjeon Customer Center at 1577-1432 (only in Korean)
*The word Dongbaekjeon is derived from the mixture of ‘Dongbaek’ which stands for ‘Camellia Flower’ and ‘Jeon’ which stands for money i.e. capital.