Cryptocurrency and its outlook in S. Korea
- 5 years ago
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.
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.