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Cryptocurrency and its outlook in S. Korea

142 views | 9 Apr. 2019

실생활 속 가상화폐 및

실생활 속 가상화폐 및 업계전망은?

We're seeing more and more people in South Korea using services involving cryptocurrencies,...digital or virtual currencies that work peer-to-peer, allowing direct payments between individuals instead of having a bank as a third party.

Kim Hyesung reports.

At this cafe in downtown Gangnam in Seoul, customers can buy drinks with digital currencies.

The cafe's prices are connected to the price of cryptocurrencies in real time. This americano costs 4 U.S. dollars, which is zero-point-zero-two-two-five Ethereum.

In less than two minutes, money is transferred from the digital wallet to the cafe owner.

"We accept five kinds of cryptocurrencies, including Ethereum. Compared to credit cards, the remittance fee is much lower, and we plan to introduce more digital currencies into our server system."

According to CoinDuck, hundreds of places, including cafes, gas stations and even pharmacies across South Korea now accept digital currency... and the number is growing.

Online, Shinsegae Duty Free Shop started accepting digital currencies last month.

Travel website Expedia also accepts cryptocurrencies.

Samsung Electronics has also built a cryptocurrency wallet into its new flagship phone, the Galaxy S10.

The wallet has its own blockchain keystore that enhances security....and lets owners store and make payments using digital currencies or play blockchain-based games.

"With the expansion of this blockchain technology, it becomes more important to use these services safely and more conveniently on the smartphone so we developed our feature to users use these services with Galaxy S10."

Samsung is not the only corporate giant moving into the space.

JP Morgan Chase created the first U.S. bank-based digital currency JPM Coin in February.

Facebook is also widely reported to be developing its own digital currency.

There are still issues like security, speed of transaction, data protection and government regulation when it comes to the widespread adoption of cryptocurrencies.

To help drive innovation in fintech, retail and beyond, startups and even global tech giants are racing to come up with a viable digital currency in the near future.

Kim Hyesung, Arirang News.

Arirang News Facebook: http://www.facebook.com/arirangtvnews

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South korea cryptocurrency

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South Korea Spearheading Crypto Mass Adoption (ICON to EXPLODE)

1 046 views | 9 Aug. 2020

South Korea Spearheading

South Korea Spearheading Crypto Mass Adoption

Cointelegraph writes, "KEB Hana Bank, one of the biggest commercial banks in South Korea, reached an agreement with the state-backed highway operator, the Korea Expressway Corporation, to bring blockchain-based toll payments system across the nation’s highways."

https://cointelegraph.com/news/south-korean-highways-will-have-blockchain-powered-toll-payments

"A pilot project run by Bitbeat-affiliate company CIC Enterprise wants to provide crypto payment solutions at two of the busiest beaches of the country for tourists to use.

From Cointelegraph, "According to ZDNet Korea, the firm partnered with card and cash payments provider Innotech for the token-powered payments solution in the Haeundae Beach System on the beaches of Busan in South Korea famous with tourists."

https://cointelegraph.com/news/south-korean-beachgoers-can-now-use-bitcoin-to-pay-for-services

KB Kookmin Bank, one of the largest banks in South Korea, has partnered with blockchain venture fund, Hashed, and crypto trading platform, Cumberland Korea, to establish “strategic technology cooperation” on the custody of digital assets.

The companies belonging to the partnership state that their inception into the crypto custody business is a response to regulatory changes. These changes encouraged them to look into new business models — specifically ones which rely on blockchain technology.

https://cointelegraph.com/news/major-south-korean-bank-joins-the-crypto-custody-business

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South korea cryptocurrency

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South Korea launch Digital Currency |#cryptocurrency #bitcoin #digitalcurrency

307 views | 1 Sep. 2020

South Korean Central Bank

South Korean Central Bank Accelerates Digital Currency Pilot to Keep Up With Other Nations,

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