South Korea’s Jeju Aims for Cashless City With Blockchain

Jeju, South Korea’s special self-governing province, has announced plans to implement digital payments for cross-border transactions. The province included the digital payments initiative in its “Jeju AI and Digital Transformation Roadmap.” According to a recent announcement, the roadmap 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 like China and Japan. The system will allow digital assets, including Bitcoin, to convert into Jeju’s 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. As far back as the 2018 ICO era, the then-governor of Jeju, Won Hee-ryong, called for legislative action to support his proposal towards making the region a global blockchain hub. Hee-ryong asked the national government to create an incentive for companies to host their ICOs in Jeju.

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In 2021, the local government of Jeju initiated moves to introduce blockchain in several fields, including traffic management. The government also focused on using novel technology to disrupt other areas, like VAT refunds to foreign tourists and managing scrap batteries. Alongside this, the government worked towards establishing clear standards for cryptocurrencies and their issuance.

Jeju’s pro-crypto outlook is clear and pronounced, and the local government has sustained its digitization 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 the growing crypto awareness trailing Donald Trump’s victory in the last U.S. presidential election. The incoming President’s pro-crypto approach injected a significant vibe into the industry, increasing demand for crypto assets, as reflected in their rising prices.