Jeju, South Korea’s special self-governing province, has announced plans to implement digital payments for cross-border transactions. The province has included the digital payments initiative in its ‘Jeju AI and Digital Transformation Roadmap’. According to a recent announcement, the road map aims to revolutionize Jeju into a cashless international city.
Under the new plan, Jeju will enable digital asset-based cross-border payments with neighboring countries such as China and Japan. The system allows digital assets, including Bitcoin, to be converted into the Jeju regional currency for local use, streamlining transactions.
It is important to note that the recent proposal is one of Jeju’s numerous pro-cryptocurrency activities, spanning many years. Back in the 2018 ICO era, then-Governor of Jeju Won Hee-ryong called for legislative action to support his proposal to turn the region into a global blockchain hub. Hee-ryong asked the national government to create an incentive for companies to host their ICOs in Jeju.
Also read: South Korea signs OECD Crypto Reporting Agreement, Eyes 2027 for implementation
In 2021, the local government of Jeju has taken steps to introduce blockchain in various areas, including traffic management. The government also focused on using new technology to disrupt other areas, such as VAT refunds to foreign tourists and management of waste batteries. In addition, the government has been working to establish clear standards for cryptocurrencies and their issuance.
Jeju’s pro-crypto vision is clear and articulate, and the local government has supported its digitalization project for several years. The region’s openness to emerging technologies makes it a destination for many innovators and a suitable location for several international blockchain events.
Jeju’s latest move coincides with growing crypto awareness following Donald Trump’s victory in the last US presidential election. The incoming president’s pro-crypto approach created a significant buzz in the sector, increasing demand for crypto assets as reflected in their rising prices.
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