Jeju, the special self-governing province of South Korea, is making strides towards becoming a cashless international city by implementing digital payments for cross-border transactions. This initiative is part of the province’s “Jeju AI and Digital Transformation Roadmap,” which aims to streamline transactions by enabling digital asset-based payments with neighboring countries like China and Japan. This system will allow digital assets such as Bitcoin to be converted into Jeju’s regional currency for local use, making transactions more efficient.
It is worth noting that Jeju has been actively involved in pro-cryptocurrency activities for several years. As early as 2018, the former governor of Jeju, Won Hee-ryong, advocated for legislative support to turn the region into a global blockchain hub. Hee-ryong even called on the national government to provide incentives for companies to host their ICOs in Jeju. This forward-thinking approach has positioned Jeju as a hub for blockchain innovation and has attracted international attention.
In 2021, the local government of Jeju took further steps to incorporate blockchain technology into various sectors, such as traffic management and VAT refunds for foreign tourists. The government also focused on setting clear standards for cryptocurrencies and their issuance. Jeju’s commitment to embracing emerging technologies has made it an attractive destination for innovators and a suitable location for international blockchain events.
Jeju’s recent push for digital payments comes at a time when cryptocurrency awareness is on the rise, following Donald Trump’s victory in the last U.S. presidential election. The new President’s pro-crypto stance has energized the industry, leading to increased demand for crypto assets and their subsequent price surges. Jeju’s alignment with this trend further solidifies its position as a forward-thinking region that is embracing the future of finance.
In conclusion, Jeju’s commitment to digital transformation and blockchain technology is evident in its latest initiative to implement digital payments for cross-border transactions. The region’s pro-crypto stance and sustained efforts towards digitization have positioned it as a hub for innovation and a desirable location for international blockchain events. As cryptocurrency awareness continues to grow globally, Jeju’s proactive approach towards embracing emerging technologies will likely lead to further advancements in the digital payments space.
