Life’s a beach — South Korean beach to accept crypto payments

Beachgoers and tourists can now pay for seaside activities, water sports, and other equipment in cryptocurrency

 Image of Haeundae Beach, Busan, South Korea
Crypto payments for goods and services can take less than 10 seconds to process — making them a viable payment method post-pandemic

Some beach destinations in Busan, South Korea now accept payment for services in Bitcoin. This pilot project was unveiled on the Haeundae beach system in Busan and will be led by Bitbeat-affiliate company, CIC Enterprise, to promote and offer crypto payment solutions on two famous beaches, especially during the summer.

According to ZDNet Korea, an online news outlet, the firm has collaborated with card and cash payments provider Innotech for the token-powered payments solution. This will allow beachgoers and tourists to pay for a wide range of water sports activities, life jackets and parasol rentals using Bitcoin (BTC), Ethereum (ETH), or the musiconomi (MCI) and WAY tokens through a smartphone-based application.

“We hope that the virtual currency used in the Haeundae-gu beach system will be more widely used in real life. We will try to provide a cryptocurrency payment environment,” the company said.

The local authorities foresee that during the summer, beachgoers would rather rent services within the Haeundae beaches instead of worrying about what they need to bring to enjoy their day at the beach.

Another beach, located in Songjeong, has also launched a similar crypto payment system. IT is a nearby rival hotspot and a popular destination for surfers.

Haeundae is one of South Korea’s most popular tourist destinations. It is 1.5 kilometers long and 30 to 50 meters wide. Between the peak summer months of July and August, it attracts hundreds of thousands of visitors a day.

This initiative lessens the need for physical contact between beachgoers and operators because crypto enthusiasts can now pay for their beach holidays online before they even step out of the house.

Busan has revealed the project will operate from August 1 until the end of the summer season. However, it could be supplemented next year with an even bigger blockchain-powered payment system that can be accessed at beaches all around the city.

In the past few years, South Korea has been at the forefront of research and development into cryptocurrencies. It is also one of the few countries that has successfully carried out numerous wide-scale adoptions of the technology.

This year, the South Korean National Assembly passed new legislation that would provide a framework for the regulation and legalisation of cryptocurrencies. The law oversees an amendment to the country’s financial services laws, effectively authorising the country’s financial regulators to oversee the emerging industry and create anti-money laundering rules.

The legislation will be one of the first laws dedicated to cryptocurrency — placing South Korea at the forefront of crypto innovation.