The KOSPI-listed corporation Inscobee announced on the 22nd that it has signed a strategic memorandum of understanding (MOU) with Iksan City in North Jeolla Province to enhance local love gift certificates based on blockchain technology. The company stated that this is the first time it has entered into an MOU with a local government to issue local currency based on blockchain technology.
Inscobee and Iksan City plan to focus on upgrading local love gift certificates based on blockchain technology, improving payment systems for small businesses using fintech technology, and discovering differentiated digital services and content that reflect local characteristics by December 31 of next year.
The government of Lee Jae-myung is focused on revitalizing local currency. The Presidential Committee on Policy Planning has ordered measures to enhance local currency, and the budget for local love gift certificates has been included in the supplementary budget that passed the National Assembly on the 4th. President Lee Jae-myung also remarked during a town hall meeting held at the Daejeon Convention Center on the 4th, saying, "We will continue the local currency projects for at least the next 4 years and 11 months without the need to create a new law."
Inscobee noted that by utilizing fintech technology, it can reduce the administrative expenses associated with issuing local currency. The issuance of local currency incurs significant issuing costs and labor expenses, and it can be reduced through blockchain and fintech technology. To achieve this, Inscobee has entered into MOUs with blockchain technology companies Parameta and Simverse Labs, as well as AI platform expert BoomCo Communication, and is currently conducting technology development.