South Korean Shopping Mall Accepts Payments in Cryptocurrencies

· 30 Jan 2018 in Crypto News, Home

Bithumb, one of the most important cryptocurrency exchanges in South Korea, has decided to work with WeMakePrice, a shopping mall in South Korea, to accept cryptocurrency payments. The mall would start to accept twelve different cryptocurrencies, allowing its customers to have a better buying experience.

WeMakePrice Accepts Cryptocurrency Payments

The South Korean market is trying to embrace cryptocurrencies amid government misinformation about cryptocurrency regulations. This is one of several companies trying to get involved in the cryptocurrency market. The last year, HTS Coin partnered with Goto Mall, a large shopping centre in South Korea, so as to accept Bitcoin payments using a mobile app.

The intention of WeMakePrice is to start thinking about it once the regulations on virtual currencies are confirmed. As the company will be accepting twelve different cryptocurrencies there are more chances for people to buy using this method.

The South Korean government needs to answer a request signed by 200k individuals in the Asian country that asks the government to re-think regulations. It is important to mention, that the society and different cryptocurrency exchanges are in favour of regulations to legitimize the market.

The cryptocurrency market is really important in South Korea. It gives the possibility to several millennials to have an extra income. Besides that, the crypto market processes more trades per day than the KOSDAQ, South Korea’s main stock market. The implications that a ban would have in the economy are devastating.

Fortunately, the agency of consumer protection in South Korea said that it would be illegal to ban cryptocurrency trading. At the same time, some institutions have been investing in the cryptocurrency market. For example, the South Korean national Pension Fund (NPS) has been investing billions of won in cryptocurrency exchanges like Upbit, Bithumb and Korbit.

The cryptocurrency situation in the country is complicated. It is important to know that there is an intention to keep forward with cryptocurrency adoption. Enterprises and exchanges are doing everything what is possible for the government to embrace it. Indeed, the government is struggling to regulate the market because there is an incredible effort from the society to protect cryptocurrencies.

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