Inscobee has entered into a strategic agreement with the municipal government of Iksan in Jeollabuk-do province, aiming to develop and advance a blockchain-based local gift certificate program. This marks the first collaboration of its kind for the company with a regional government, specifically focused on issuing local digital currency using blockchain infrastructure.
Agreement Aims to Modernize Local Economy Tools
The partnership is intended to run through December 31 of the following year and encompasses several key goals. These include the modernization of the Iksan city “love gift certificate” using blockchain technology, enhancing the payment ecosystem for small local businesses through fintech integration, providing comprehensive marketing support, and uncovering new, region-specific digital services and content.
According to the agreement, both parties intend to leverage emerging technologies to drive local economic development and to tailor digital innovations in line with the distinct cultural and economic profile of the area.
Government Backs Local Currency Expansion
This initiative aligns with a broader national agenda led by the current administration under President Lee Jae-myung. His government has placed a renewed emphasis on revitalizing local currency usage as a key economic policy. The Presidential Committee on Policy Planning has already directed the formulation of policies to boost the adoption of such regional currencies. Moreover, funding for local gift certificate programs was included in a supplementary budget passed by the National Assembly earlier this month.
During a public meeting held at Daejeon DCC, the president affirmed that the local currency initiative would remain in operation for the next four years and eleven months, regardless of any new legislative developments. This declaration further underscores the government’s commitment to nurturing decentralized financial instruments as part of regional development strategies.
Blockchain and Fintech to Cut Costs
Inscobee pointed out that the administrative burden and cost associated with issuing traditional local currencies can be significant. According to the company, expenditures related to printing and human resources make the process financially inefficient. It expressed confidence that deploying blockchain and fintech technologies could substantially reduce these operational costs, while simultaneously improving service delivery and user convenience.
To bring this vision to fruition, Inscobee is actively collaborating with several technology firms specializing in blockchain and artificial intelligence. These include partnerships with Parameta and Simverse Labs, as well as BoomCo Communications, a company known for its expertise in AI-driven platforms. These collaborations are part of Inscobee’s broader technological roadmap to build scalable, secure, and smart solutions that meet the evolving needs of local communities.
Outlook for Digital Local Currencies
This partnership is expected to serve as a testbed for integrating advanced digital infrastructure into public services at the municipal level. If successful, the model developed in Iksan could be replicated in other regions seeking to embrace blockchain-backed financial tools to foster local economic activity.
With both public sector support and private sector innovation converging, Iksan’s blockchain-based love gift certificate could set a precedent for the future of localized digital economies across South Korea.
