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Bitsum Process Lasso -  :: Программы :: Компьютерный .
Crypto trading is vastly popular in South Korea and naturally, a lot of FUD is getting pushed out about new regulations, bans, hacking and other market influences that may or may not come to fruition in the near future. As people paint a bleak future for Bitcoin and other cryptocurrencies in South Korea, we discover that the first major online shopping mall out of South Korea has partnered with Bitsum and will accept 12 kinds of crypto, including Bitcoin, Ethereum, Ripple and others.
According to Yonhap News, WEMF, a social commerce service will begin accepting crypto as payment. It’s the first time that a major domestic shopping mall in South Korea to use crypto as a payment instrument.
South Korea has already begun to take steps towards regulating the cryptocurrency industry. Recently, they proposed a new capital gains tax on Bitcoin. This and other regulations, such as the prevention of sales of crypto to minors led to a lot of speculation about an all-out ban on cryptocurrency in Korea. Nothing could be further from the truth, and this partnership proves it.
WEMF and virtual money exchange, Bitsum reportedly plan to push the service live as soon as regulatory aspects of the launch are cleared. The system bypasses the network of banks and credit card companies typically utilized for online payments. This could potentially lower transaction costs while creating other efficiencies for faster processing.
The volatility of crypto is of course a factor, where price fluctuations make it difficult to use as a payment method. To overcome this, the two companies may elect to utilize real-time price quotes, converting fiat pricing to its equivalent in coin. If a Bitsum customer makes a purchase in crypto, the price will be settled at the time of the transaction.
As South Korea sees money laundering as a problem in the same way that the US government sees it in its legislation, certain products will likely be off limits, such as gift cards and vouchers. This sort of due diligence is designed to protect the companies from fines and other penalties associated with regulations under the banner of anti-money-laundering. It shows the careful planning associated with building out the payments architecture that’s both effective and compliant, and it’s one of the reasons that people should think about cryptocurrency as a long-term investment opportunity. While the price of Bitcoin and other cryptocurrencies continues to fluctuate, systems like the one developed by Bitsum and this shopping mall will offer workarounds for improved price stability, in a way that works well both for the consumer and for the seller. Even Mark Cuban, a one-time skeptic, will soon accept Bitcoin for ticket purchases.
WEMF follows in the footsteps of US companies such as Newegg and Overstock in accepting cryptocurrencies as payment. As the Korean government continues to announce new regulatory measures, such as the mandatory Real Name System, and the prohibition of the sale of virtual currencies to minors, stories like this affirm our belief that crypto will survive and flourish in South Korea, well beyond the time when the latest regulations have been put to paper.