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8,000 stores in South Korea to start taking cryptocurrency payment

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Andrew Munro
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Bithumb has officially announced the rollout of a much-anticipated cryptocurrency payment system.

Bithumb, one of South Korea's largest cryptocurrency exchanges, has announced a plan to introduce cryptocurrency as a payment method in thousands of shops around South Korea. The payment system comes in tandem with payment provider Korea Pay and Bithumb expects 8,000 stores around the country to get on board.

"Through this partnership, the companies will focus on improving customer satisfaction and convenience in the real world," Bithumb's announcement says.

There have previously been rumours of a partnership between Bithumb and the large Korean online retailer WeMakePrice, but it later emerged that it was simply an investigation into the merits of cryptocurrency as a real world payment system. According to the Bithumb announcement, WeMakePrice may now be one of the retailers getting on board with the new crypto payment system.

The announcement comes after Bithumb's announcement of a system for developing cryptocurrency payment terminals for merchants, to take crypto payments out of the digital world and into brick and mortar stores.

Cryptocurrency, and altcoins in particular, have caught on in South Korea more than anywhere else in the world, but Bithumb notes that the acceptance of cryptocurrency in South Korean stores has been lagging behind other countries, naming the US, Japan and Switzerland as countries where cryptocurrency payments are "an already popular trend".

There have been varying reports of which coins will be accepted as payments, but the Bithumb announcement doesn't name any specific coins. However, it's reasonable to assume that the accepted tokens might include those which trade on Bithumb:

Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, BTC, NANO

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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