News & Updates

Blockchain fully established in South Korea’s Tourist Hotspot’s amidst COVID-19 crisis

The company following a crypto pay pilot program at two of South Korea’s busiest beaches said that it believes token-powered payments could be set to change the way people in the nation pay for goods and services.

As earlier announced, the pilot project is being run by CIC Enterprise, an affiliate of Bitbeat, has coupled up with Innotech, the firm that processes card and cash payments for the Haeundae Beach System at rental outlets on the beaches of Busan – the nation’s second city and most vibrant summer tourism hotspot.

Source: Haeundae Beach System

The project provides beachgoers to pay for parasol rental, inflatables, water sports-related activities, life jackets, and more in bitcoin (BTC) and ethereum (ETH) – as well as two ERC20 tokens (MCI and WAY).

Per ZDNet, Bitbeat said the project is now in full swing and claims that tourists coming to the beach can process payments “in five to 10 seconds,” using smartphone-based QR codes for “any ethereum wallet in the world.”

The operator stated that other similar crypto pay projects typically require customers to download separate apps or purchase their tokens on less public blockchain networks.

Busan is known to be keen to adopt more crypto pay projects everywhere in the city. The central government has granted it regulatory sandbox status for blockchain-related projects.

Nevertheless, Seoul continues guarded about all things crypto-related after starting on a partial crypto-crackdown following feverish trading activity at the height of the 2017 crypto bubble.

Despite several major companies have been looking into crypto-related services, and many believe Seoul’s stand has softened.

Bitbeat stated, “We hope that [crypto assets], like those used by the Haeundae Beach System, will become used more widely in everyday scenarios. We will try to help build up a crypto payment environment.”

Busan predicts that on busy summer days, tens of thousands of locals and out-of-town visitors come to Haeundae Beach, with most choosing to rent items rather than carry their own.

A different nearby beach, Songjeong, a hit among surfers, is also running the crypto pay pilot until the end of the summer season.

Leave a Comment

Leave a Reply