South Korea is just one of the countries shaken by the effects of the Coronavirus outbreak, where economic growth in most sectors has declined. But one sector – telecommunications-is booming. And blockchain-backed local fixed monies appear to be helping to spur that growth.
Quarterly earnings (kt, SK, and LGU +) of the three major South Korean telecommunications networks are up a staggering 24% on their quarterly figures for this period last year, according to News Tomato.
News of 19 percent growth from South Korea
KT’s sales are 2 of 2019. it rose almost 19% in the quarter and the firm said the issuance of stablecoin was proving profitable.
The company said:
“As demand for Internet data centers (IDCs) and enterprise cloud operations increased and the number of local currency issuers increased, our blockchain sales increased.”
KT added that Industry 4.0-related sales (including blockchain) were among the most profitable business routes in the past few months.
All three companies have launched their own core networks and the cryptocurrency-powered business is in advanced stages of development.
However, KT has been the most active among the three when it comes to the issuance of local fixed money (local stablecoin), a blockchain-backed extension of paper-based local government-issued gift certificates aimed at revitalizing citywide, county-wide and metropolitan neighborhood economies.
While both Seoul and local governments sought to eliminate paper-based payment systems in favor of contactless digital alternatives, KT and the like found themselves in demand.
Last month, the quiet rural community of Buyeo County announced that its own stablecoin project, which cost $267,000 in 2019, saw $48.5 million worth of cryptocurrencies used in transactions.
