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South Korea tourists can use cryptocurrency as payment fr services on some Busan beaches

Some beaches in Busan will soon accept cryptocurrencies as payment.

Image by: Republic of Korea / Flickr

Mon, 10 Aug 2020, 08:38 am UTC

South Korea is known as one of the top cryptocurrency-friendly countries in the world, which explains why it has one of the highest rates of crypto adoption. In fact, a recent project is specifically aimed at tourists and beachgoers, allowing them to pay for goods and services using digital currencies such as Bitcoin (BTC) and Ethereum (ETH).

Vacations will soon be a lot easier for beach-going cryptocurrency owners in South Korea. A pilot project has been put into motion that will allow digital cryptocurrency as one of the payment options for services on some of the most famous beaches in the country.

The pilot project is led by the Bitbeat-affiliate company CIC Enterprise in a partnership with Innotech, the with card and cash payments provider, Cointelegraph reported. Once the system is in place, tourists and beachgoers will have the option to pay using digital coins for services on the Haeundae beach system in Busan.

The cryptocurrency payment system will be available on two famous beaches. Tourists can use tokens to pay for parasol rentals, life jackets, and water sports-related activities, among others.

Cryptocurrency payments for beach services will be done via a smartphone-based app. Accepted tokens by the system include Bitcoin (BTC), Ethereum (ETH), MCI, and WAY ERC20.

The cryptocurrency payment system will be ultrafast and will be capable of processing transactions in less than 10 seconds. Tourists will only need to present the QR codes for any crypto wallet in the world and they won’t have to download and access separate apps to complete the payment process.

“We hope that the virtual currency used in the Haeundae-gu beach system will be more widely used in real life,” CIC Enterprise said. “We will try to provide a cryptocurrency payment environment.”

The crypto payment pilot will come in handy during summer as authorities expect tourists to just rent for equipment and services when they visit the Haeundae beaches. Another beach in Songjeong is also reportedly testing a similar payment system to promote cryptocurrency payment for services, according to Somag.

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