Digital Assets: This Popular Korean Beach Will Accept Crypto Payments

July 29, 2020 | Digital Assets, News
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Crypto-loaded tourists can now spend it at the Haeundae beach in South Korea.

Haeundae (pictured above) is South Korea’s most popular beach. Alongside is the rival Songjeong Beach, which is more popular with surfers. Both tourist spots will accept payments in cryptocurrencies, effective August 2020. (Crypto News)

Haeundae welcomes crypto

Haeundae beach is the most famous beach in Busan, South Korea. The white sand strip is roughly 1.5 km long, over a 30-50 m wide area, and faces a shallow bay area. It is very popular with summer holidaymakers who throng to its many accommodations from luxury hotels to private guesthouses.

Facilities include shower booths, changing rooms, drinking fountains, small library, summer police office (July-August), and 119 water rescue team.

The Busan city authorities have agreed with CIC Enterprise, an arm of blockchain firm Bitbeat, as well as Innotech, to inaugurate crypto payment facilities on the twin beaches. Innotech supports the payments network on the two holiday spots.

From the next month, holidaymakers such as sunbathers, swimmers, and watersport fans have additional crypto payment options besides fiat currencies. They may use BTC, ETH, or the musiconomi (MCI) and WAY tokens.

These payments may be made in advance via online and contactless methods, with delivery on arrival seaside.

What happened to Crypto Beach plans?

In 2018, the chairman of the Korea ICT Financial Convergence Association Oh Jung-geun announced intentions to convert Haeundae, Busan, into a Crypto Beach.

The idea was to model a blockchain center on the beach that would be similar to the Swiss Crypto Valley.

However, not much is known about those plans. They may revive now with the signs of growing crypto adoption on at least two of South Korea’s beaches.

Related Story:    Cryptobuyer-Mega Soft Tie-up to Allow Venezuelans the Use of Cryptos

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