South Korea’s cryptocurrency industry may have suffered a severe blow over the weekend as a number of exchanges and wallet providers closed or ceased business. Strict regulatory deadlines have turned what was once a thriving sector into a tiny “monopoly”. And although crypto is in turmoil, blockchain-based payments and stablecoins are thriving in South Korea.
Korea Mint and Security Printing Corporation (KOMSCO) recently moved away from paper and banknotes to delve deeper into the fast-growing world of local stablecoins. Working with city and provincial governments across the country, KOMSCO has launched numerous local stablecoins and blockchain-powered paperless gift cards.
Many authorities have used these programs to send stimulus checks to locals to help contain the coronavirus pandemic – to lead people off monolithic e-commerce platforms and back into local business. Seoul also tends to be “cashless” and “contactless,” a factor that has helped KOMSCO expand the scope of its stablecoin offering.
Last year, the company posted record profits, resumed hiring, and announced plans to pay employees a portion of their salaries in stablecoins.
Now the company seems poised to make another foray into the world of blockchain-powered, cashless payments. According to Choongchung Times, Chak, KOMSCO’s own blockchain-based gift card platform, was rolled out in 37 cities and counties across the country last year, following its launch in 2019. But later that year, the platform will roll out in 70 more cities and counties across the country Korea.
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More and more local governments are also turning to Chak, where media reports from 270,000 vendors and franchisees were picked up in the first half of this year. More than 1.1 million people have started using the platform for payments, and the cumulative total value of gift cards purchased on Chak to date is approximately $ 1.7 billion.
But the Chak platform’s largest customers by far appear to be local governments. City and provincial governments have paid civil servant bonuses and other fees using Chak certificates instead of fiat, and have so far spent a whopping $ 76.2 million on the platform.
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