Jeju, South Korea’s special self-governing province, is taking a bold step towards revolutionizing its economy by implementing digital payments for cross-border transactions. This initiative is part of the province’s ambitious “Jeju AI and Digital Transformation Roadmap,” which aims to transform Jeju into a cashless international city.
According to recent announcements, Jeju will enable digital asset-based cross-border payments with neighboring countries like China and Japan. This system will allow digital assets, including Bitcoin, to be converted into Jeju’s regional currency for local use, making transactions more seamless and efficient.
This move is not the first of its kind for Jeju, as the province has been actively involved in promoting cryptocurrency and blockchain technology for several years. In 2018, the former governor of Jeju, Won Hee-ryong, advocated for legislative support to establish Jeju as a global blockchain hub. He called on the national government to provide incentives for companies to conduct their Initial Coin Offerings (ICOs) in Jeju.
In 2021, the local government of Jeju took further steps to incorporate blockchain technology into various sectors, including traffic management, VAT refunds for foreign tourists, and battery management. They also worked on setting clear standards for cryptocurrencies and their issuance, showcasing their commitment to adopting emerging technologies.
Jeju’s pro-crypto stance has made it a magnet for innovators and a popular destination for international blockchain events. The province’s latest initiative aligns with the global trend of increasing crypto awareness, spurred by recent events such as Donald Trump’s victory in the U.S. presidential election. The incoming President’s support for cryptocurrencies has led to a surge in demand and prices for crypto assets.
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In conclusion, Jeju’s digital payments initiative signifies a significant step towards modernizing its economy and becoming a leading player in the global blockchain industry. The province’s forward-thinking approach and commitment to embracing new technologies position it as a key player in the future of digital finance.