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August 15, 2022
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At a South Korean beach you will pay in Ethereum |

As ZDNet Korea reported, sunbathers visiting South Korean Haeundae-gu Beach in Busan can now pay with ETH at all beachside shops.

Pay in crypto by the beach

Last week, blockchain development company BITbeat announced that it had launched a cryptocurrency payment system on the beach in Haeundae-gu after successful pilot testing. This project aims to increase the convenience, transparency and reliability of cryptocurrency payments.

“We hope that the virtual currency used in the Haeundae-gu Beach system will be more widely used in everyday life. We will try to provide [lepsze] payment environment in virtual currency “

– said the BITbeat Group.

Beach-goers can buy umbrellas, life jackets, and surfboards, as well as pay for water sports. The payment methods are Ethereum and Musiconomi – based on the Ethereum blockchain – and they can be used on all wallets that support ERC20 tokens.

The beachfront shops have been equipped with QR codes which lead to the ETH wallet addresses of the shops. In some places, payments can also be made using Bitcoin.

BITbeat reported that the time from payment to receipt of a receipt should be between 5 and 10 seconds, depending on factors such as QR code recognition and internet speed. It added that “the process has been simplified” to avoid long approval times.

Cryptocurrencies and blockchain in South Korea

South Korea hopes to use blockchain technology and cryptocurrencies in an economy hit by the coronavirus pandemic. The government in Seoul is in talks to create a $ 400 million blockchain fund to help drive DLT projects, including non-contact payments, such as the Haeundae-gu beach project.

At the end of May, we reported that the South Korean University in Suseong entered a partnership with the Korea Artificial Intelligence Association, or KORAIA, to create a campus at Daegu University that will focus on blockchain and AI technology development.

In late July, the South Korean government announced a 20% income tax on revenues generated from trading cryptocurrencies.

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