South Korea Is Moving Ahead To Use Payments System Based On Cryptocurrency In Around 6000 Stores

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Bithumb, which is a renowned cryptocurrency exchange of South Korea, is collaborating with the digital service provider of payments, Korea Pay Services for facilitating the way for the largely scaled adoption of this digital asset in the country. The partners are making striving efforts for providing around 6000 retail outlets in South Korea with the option of payment acceptance of cryptocurrency for the services and goods.

South Korea has been very efficient and significant to the cryptocurrency community. The country presently has attained the third rank in the being one of the largest markets for the trades based on cryptocurrency behind the Japan and United States.

Also Read: Know About Cryptocurrency at Tax Time

The country has simultaneously counteracted various daunting regulatory moves right from December 2017. The country got into trouble after the regulators started to constrain the foreign individuals who were seeking the opportunity for opening exchange accounts of cryptocurrency in South Korea. To avail all the benefits of these accounts,   the users need to have the complete nationality of the country.

Moreover, the government officials are restricted from owning any cryptocurrency as anonymous trading has not been allowed in the country. It is only through the users who are fully recognized; transactions can occur.

Also Read: Growth of Cryptocurrency Market

The latest venture of Bithumb still facilitates evidence regarding the fact that cryptocurrency is very popular in South Korea.

A regional news Joongang Dialy quotes that customers shall be able to purchase products from around 60000 retail outlets from brands like Yankee Candle, Café Drop Top, and Sulbing which is one of the most renowned dessert stores in Korea.

A professional of Bithumb stated that the operators sensed that they were taking the right decision and creating ways for the future that will be dominated by cryptocurrency. The scaling of the Pay Service of Korea also highlights the manner in which the collaboration with Bithumb would be influential. According to the Economic Review, this pay services is the only prominent company that facilitates solutions and certificates of mobile gift through around 400 domestic channels such as Outback, Kakao Talk and Starbucks theta re-based on collaborations with key domestic franchises. The business organizations also take pride in 2000 number of individual partners of the franchise.

Bithumb is included among the best performing exchanges of cryptocurrency the country and ranks second to Upbit that has a daily volume of trading that exceeds Bithumb’s volume of trading by almost $400 million as stated by Coinmarket.com.

Also Read : Japan’s Largest Bank to Launch Its Own Cryptocurrency

The business organization previously broadened its customer services in Gangnam which is a very prestigious and affluent region of Seoul, the capital city of South Korea. Here, the company increased its consultation centers from 4 to 8. The company also offers support to the users in different languages such as Chinese, Japanese and English.

Officials have collaborated with a travel website of Korea, Innovation Corp which lists around 50,000 vacation rentals and hotels. The collaboration facilitates travelers for paying their accommodation by using any number of cryptocurrency.

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