CandleFocus South Korea’s Jeju Aims for Cashless City With Blockchain
2024-12-05
Author: Content Editor
Jeju, South Korea's special self-governing province, has revealed its plans to implement digital payments for cross-border transactions. The province aims to become a cashless international city by enabling digital asset-based cross-border payments with neighboring countries like China and Japan. The system will allow digital assets such as Bitcoin to convert into Jeju's regional currency for local use. This proposal is part of Jeju's ongoing efforts to embrace cryptocurrencies and blockchain technology, dating back to the 2018 ICO era. Jeju has been actively working towards establishing clear standards for cryptocurrencies and utilizing blockchain in various fields like traffic management and VAT refunds. The province's pro-crypto stance has made it attractive to innovators and a hub for international blockchain events. This move coincides with the increased crypto awareness following Donald Trump's pro-crypto approach during his presidency.
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