South Korea’s largest port city Busan has unveiled its blueprint to develop the nation’s first blockchain-based regulation-free zone.

It said it would focus on finance, tourism, and logistics in the blockchain-based regulation-free district.

It would use blockchain platforms to help 30 million annual tourists to the southeastern port city.

It would also use the blockchain technology to upgrade logistics infrastructure. Busan is the departure port for the bulk of South Korean exports.

The city would start a pilot project to issue the regional digital currency, tourist vouchers, and clear tourist payments through the blockchain platform.

Busan will develop programs to train blockchain and cryptocurrency experts and asset managers.

However, the port city has not unveiled any plans to permit blockchain startups to raise capital through initial coin offerings. In South Korea, the initial coin offering is illegal.