5 Reasons Why South Korea Will be the Leader in Blockchian and Cryptocurrency market

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1. One Million South Koreans Now Have Blockchain Drivers Licenses.

The project was launched in May by the National Police Agency in partnership with the Korea Road Traffic Authority, and the country’s three major telecommunication providers: SK, KT and LG U+.
The program was only launched in May but already one million South Koreans have opted for a blockchain based license.

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.

2. One of South Korea’s biggest banks KEB Hana Bank has partnered with the Korea Expressway Corporation to implement a blockchain-based toll system for the country’s highways.

KEB Hana Bank 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.

According to D Daily, the project is expected to launch before the end of the year. The system will connect KEB Hana’s smartphone banking app, Hana One Q, for motorists to arrange their toll payments, defer them, or even receive toll fee refunds.

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3. Four of the top five South Korean banks are set to introduce crypto custody services.

The report said Shinhan and Woori announced their plans ahead of the South Korean government’s regulation around cryptocurrencies next year.
South Korea’s Woori and Shinhan banks have just announced their intention to introduce “crypto-asset services”. That means that four of the country’s top five banks, holding a combined value of more than $1.2 trillion in assets, are now poised to introduce crypto services.

Each of the banks aims to hold and manage cryptocurrencies for clients. The report said Shinhan and Woori announced their plans ahead of the South Korean government’s regulation around cryptocurrencies next year.

4. South Korean city Seongnam is expanding its payments program by issuing digital gift certificates on the blockchain in partnership with Korea Minting and Security Printing Corporation.

One of South Korea’s major cities, Seongnam, is expanding its payments program by issuing digital gift certificates on the blockchain. Seongnam’s new offering will be available through a mobile app, with the city seeking to reach the elderly with simplified payment processes. The South Korean city has partnered with the Korea Minting and Security Printing Corporation (KOMSCO) on the project. The new payment system will be acceptable by 45,000 merchants in the city, according to the local newspaper Kyunghyang Shinmun report.

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5. A popular beach in South Korea is now accepting Ethereum at beach shops.

Last week, blockchain development firm BITbeat said it launched a crypto payment system in Haeundae-gu beach after concluding a successful pilot test. The project is aimed to help enhance the convenience, transparency, and reliability of crypto payments.

“We hope that the virtual currency used in the Haeundae-gu Beach System will be used more widely in real life. We will try to provide a better virtual currency payment environment,” said the BITbeat Group.

 

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