Danal Paycoin Utilizes Local Government Payment Services

Daegu Metropolitan City and MOU Signing

[Asia Economy Reporter Gong Byung-sun] Danal's cryptocurrency 'Paycoin' will be utilized by local governments.

On the 31st, Danal Fintech, the operator of Paycoin, announced that it signed a Memorandum of Understanding (MOU) with Daegu Metropolitan City regarding digital finance projects and will work on building a diverse blockchain-based digital finance ecosystem. Paycoin is a cryptocurrency payment platform that has secured 2 million app users and over 70,000 domestic affiliated stores in two years since its service launch in 2019.

As various local governments are applying blockchain technology to local administration, the industry interprets this MOU as recognition of the necessity for blockchain-based services in the public sector. With this MOU, Paycoin becomes the first cryptocurrency to be utilized by a local government in Korea. It is expected that blockchain economic infrastructure will be established in the public sector beyond the private sector in the future.

Danal Fintech plans to provide Daegu City with cryptocurrency business and blockchain technology know-how through this MOU. In addition to building a digital finance ecosystem, they plan to generously support the expansion of various blockchain-based local administration and public institution services.

Hwang Yong-taek, CEO of Danal Fintech, stated, “Starting with the integration of Paycoin payment services with Daegu City, we will lead the activation of blockchain-based local currencies (digital vouchers) and the digitalization of local small business districts. We will actively pursue collaboration not only with Daegu City but also with other local governments to establish a Paycoin environment where payments are possible anytime and anywhere in the public sector.”