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South Korea’s leading telecommunications company, KT Corporation, has been selected to develop a local cryptocurrency in the South Korean city of Gimpo, local media outlet ZDNet Korea reports on Feb. 14.
The crypto — dubbed “K token” — will reportedly be introduced in April, after a pilot project is carried out next month, the report states. The city plans to issue 11 billion won (over $9.7 million) worth of the currency per year, which includes budgets for various social services and development projects.