South Korea’s southeastern country of Handong will issue a blockchain-based cryptocurrency next year.

The county Wednesday signed a contract with Korea’s second-largest mobile carrier KT to issue the currency named Handong Pay. KT will complete the platform late this year.

Hadong Pay will be settled either via Quick Response (QR) code or check card-type IC card. One Hadong currency unit is equal to one won in legal tender.

The country expects the Hadong Pay to stimulate the regional economy as the cyber currency is to be used in the country. The county will pay all welfare benefits in the Handong Pay to residents. Travelers to the county will get discounts when they buy Hadong goods.

Like the Hadong County, many local counties and townships will adopt their regional cyber currency so that the money can be used only inside the region.