Busan City Wishes To Launch The World’s First Decentralized Digital Commodity Exchange

Key Points:

• Busan City will establish the world’s first decentralized digital commodity exchange where all products are tokenized and traded based on blockchain.
• The plan is to bring together the capabilities of domestic financial companies and digital asset exchanges that have expressed their intention to participate in establishing the Busan Digital Asset Exchange.

Busan City will establish the world’s first decentralized digital commodity exchange where all products are tokenized and traded based on blockchain.

According to News1, the Busan City Government and the Busan Digital Asset Exchange Establishment Promotion Committee held their first meeting today and announced the future vision, which is to establish the world’s first decentralized digital commodity exchange, all products can be tokenized and traded based on the blockchain.

The city plans to take advantage of Busan’s rich cultural content, such as the Busan International Film Festival and G-Star, to tokenize assets such as movies, game IP, gold, precious metals, agricultural products, livestock products, ships, and real estate in decentralized digital goods. The exchange conducts transactions and is scheduled to begin operations within 2023.

According to the report, the plan is that by bringing together the capabilities of domestic financial companies and digital asset exchanges that have expressed their intention to participate in the establishment of the Busan Digital Asset Exchange, the committee will establish a transaction support system in the near future.

The Busan Digital Asset Exchange has a decentralized fair exchange structure that is distinct from existing domestic virtual asset exchanges to protect investors thickly and lead digital innovation in various ways.

The exchange system is designed as a decentralized fair exchange system in which functions such as deposit settlement, listing evaluation, and market monitoring are separated into separate institutions like the existing stock trading system. The city expects that the exchange will serve as a foundation for expansion in the form of supporting virtual assets and security token transactions in the future.

The promotion committee plans to speed up the follow-up work of the business within the year, such as preparations for the establishment of a legal person in February and the start of system testing.

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