Busan launches Ethereum and Cosmos-based “Web3 city”

The major South Korean city of Busan, with more than 3 million inhabitants, is planning the launch of a high-tech city with access to Web3 tools. The announcement was made on Thursday (21), South Korean local time.

Busan Municipality’s mainnet is expected to be a protocol that provides access to major public blockchains such as Ethereum and Cosmos.

According to information from the South Korean media, the population will be able to trade precious metal coins, such as gold and silver, among others. Furthermore, the project provides for the exchange of various digital assets, in a country that has shown great adoption of cryptocurrencies.

Busan’s plans in South Korea could boost the use of cryptoactive substances among the population and bring Web3 into people’s daily lives

With plans to launch its own new blockchain in 2024, the city of Busan is preparing for one of the largest Web3 plans in Asia.

The local government has chosen to encourage the use of cryptocurrencies and even plans to establish a stock brokerage with access to cryptocurrencies and digital assets. The forecast includes a medium to long-term plan, in which various initiatives will promote the population’s access to new high-tech tools.

Moreover, a blockchain investment fund should be established to further encourage innovation in the public sector, leading technology to facilitate various actions in Busan.

One motivation for action is to attract investment to the city and improve the population’s access to innovative tools, making life easier and reducing bureaucracy in the public sector.

Blockchain continues to be considered the most innovative data management technology in recent years and the demand for solutions like it is growing around the world.

City wants to create a public blockchain

What draws attention to the Busan blockchain project is the fact that the municipal government wants a public project, similar to Ethereum, where all transactions will be transparent.

With the new project, the city of Busan can help the South Korean Internet Authority create a standard blockchain protocol, which could serve as a reference for the entire country in the future. It is also expected to raise at least 100 billion won, or R$360 million, for the launch.

It is worth remembering that South Korea is a fertile area for the cryptocurrency market. In the past, the famous Terra (LUNA) project, created by South Koreans, attracted global attention, although its collapse left investors in the country bankrupt.

It is not clear whether the new Busan project is a response from the government considering leaving the cryptocurrency market in government hands. In any case, the launch draws attention to innovation.

Source: Live Coins