Bitcoin and Ethereum land on South Korean beaches
As CoinTelegraph reports, the project is being carried by CIC Enterprise, a BitBeat affiliate. This is a test phase, which is why payments in Bitcoin and altcoins are currently only extended to the beaches of Haeundae and Songjeong, in Busan.
Tourists and locals will be able to pay for services related to water sports, such as life jacket rentals, directly with cryptocurrencies. Four of them are currently compatible: BTC, ETH, and ERC-20 MCI and WAY. Payments will be made through a mobile application. According to BitBeat, they will be validated in less than ten seconds, thanks to the use of QR codes.
👉 Find all the news of the Ethereum project
Busan bets on cryptos
This is not the first time that the city of Busan has made known his interest in cryptocurrencies and blockchain. A year ago, the metropolis was designated a free regulation zone for the blockchain. At the end of 2019, a local blockchain-based currency, the Dongbaekjeon, had also been offered to the public.
This local enthusiasm is also found at national level : We learned last month that the country wanted to invest billions in the blockchain industry. Private initiatives, such as the one offered by BitBeat on the beaches of South Korea, should therefore continue to proliferate in the coming years.
👉 Also read: South Korea adopts 20% tax on cryptocurrency gains
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About the Author : Marine Debelloir
Intrigued by Bitcoin for several years, I developed a passion for crypto-currencies and the innovative technologies that result from them. I like to unearth the crispest information to share it with you and help democratize this fascinating universe. But I don’t stop there! I also like to analyze projects related to cryptos and blockchains, which fascinate me just as much.
All articles by Marine Debelloir.