South Korea to issue its first blockchain-based digital currency

South Korean blockchain startup BlockchainOS has announced the upcoming release of its digital currency, BOScoin, which it describes as an upgraded version of existing cryptocurrencies such as Bitcoin and Ethereum.

BOScoin will be launched in February 2017 and will be South Korea’s first blockchain-based digital currency.

BlockchainOS says it has fixed the limitations of existing digital currencies. It claims to speed up transactions to the same level as credit card transactions, allowing BOScoin to process 1,000 transactions per second.

BOScoin is now reportedly set to launch a pre-sale to domestic investors and will be tested in global markets in 2017. In addition, the startup will release an application to facilitate the use of BOScoin as a real currency.

Park Chang-ki, CEO of Blockchain OS, said: "With the launch of BOScoin, South Korea will be able to challenge the world's cryptocurrency market and gain recognition. South Korea's domestic blockchain technology has also reached a considerable level."