Mainstream Adoption of Bitcoin Throughout South Korea is Growing

[futureofeth]

Some of South Korea’s most influential financial institutions and service providers have begun to integrate bitcoin into their existing infrastructures, increasing the liquidity of the digital currency for general consumers in the country. Hyosung, the most significant ATM manufacturer in South Korea, has officially integrated bitcoin brokerage services into their domestic and internationally distributed ATMS.

The Just.Cash ATM model of Hyosung enables existing bank and commercial ATMs to operate as one-way bitcoin ATMs, allowing existing users to purchase bitcoin through the machine. Users of the service could use these ATMs to buy bitcoin and also sparked the implementation of Hyosung ATMs domestically.

In November of 2017, Hyosung announced a full bitcoin integration for its international 20,000 ATM models as well. Hyosung also supplies financial institutions with bank ATMs, which will be able to receive the bitcoin update in the upcoming months.

Hyosung’s integration of bitcoin will further increase the liquidity of bitcoin for general consumers and usability of bitcoin for beginner users, as with bitcoin ATMs, bitcoin investors are not required to comply with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) that take weeks to even months for full verification. Earlier this week, South Korea’s second-largest commercial bank Shinhan announced its testing of a bitcoin wallet and vault service.

https://btcmanager.com/mainstream-adoption-bitcoin-south-korea-growing/

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[lamcouz]

Good information sharing!

[Avdotiy]

Funny thing, people dont like to read much, especially "scientific" stuff, especially about Korea, doesnt matter North or South 
I like to post something like this too 

[subSTRATA]

Some of South Korea’s most influential financial institutions and service providers have begun to integrate bitcoin into their existing infrastructures, increasing the liquidity of the digital currency for general consumers in the country. Hyosung, the most significant ATM manufacturer in South Korea, has officially integrated bitcoin brokerage services into their domestic and internationally distributed ATMS.

south korea's economy has been receptive to technology for a while now, there's a reason it's referred to as one of the asian tigers, referring to their surge in economical growth largely due to their contributions in the tech sector. this bit of news shouldn't really be surprising anyone, should've been expected if anything.

In November of 2017, Hyosung announced a full bitcoin integration for its international 20,000 ATM models as well. Hyosung also supplies financial institutions with bank ATMs, which will be able to receive the bitcoin update in the upcoming months.

Hyosung’s integration of bitcoin will further increase the liquidity of bitcoin for general consumers and usability of bitcoin for beginner users, as with bitcoin ATMs, bitcoin investors are not required to comply with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) that take weeks to even months for full verification. Earlier this week, South Korea’s second-largest commercial bank Shinhan announced its testing of a bitcoin wallet and vault service.

this is the single most important part of this; availability. not only will there be 20 thousand locations accessible, customers won't be required to go through a lengthy process that might discourage them from using the service, leaving only the diehard fans to use the service. the company probably aims to profit greatly off of this, but nonetheless, this is a huge move towards having bitcoin go mainstream.

[davis196]

This info proves that there`s no need to build brand new bitcoin ATMs.The banks could change the settings of their ATMs, so they could accept fiat money payments for bitcoin and altcoins.
South Korea and Japan turn to be the leaders in bitcoin/blockchain adoption.USA and the EU countries are far behind them.The "know your customer" KYC rules are the only thing that stops further adoption.I hate sharing my personal info and IDs to some greedy banks.

[leonair]

Another great advancement for bitcoin, South Korea is a known leader in innovation and their adoption of bitcoin will surely give a positive effect on bitcoin's price in the future. It is great that Asian are embracing the crypto currency easily than western countries. It only shows that Asia is not feared by the bitcoin revolution.

[meer45]

I think the first comprehensive bitcoin regulation will come from Korea. The cryptocurrency trading volume in the country is very high, and the government already has a task force which is working on cryptocurrency related issues, like regulating ICOs, for instance. Korea as a whole is a high-tech country anyway, and it shouldn't surprise anyone that they are among the leading countries that work on how cryptocurrencies can be regulated.

[subSTRATA]

I think the first comprehensive bitcoin regulation will come from Korea. The cryptocurrency trading volume in the country is very high, and the government already has a task force which is working on cryptocurrency related issues, like regulating ICOs, for instance.

personally, i think it will come from japan. as progressive as the korean government has been in regards to the adoption of cryptocurrencies and blockchain technology, japan has been even more so. every time i've been over in tokyo, i've seen 'bitcoin accepted here' signs along with directions on how to pay for the purchase using bitcoin. haven't seen this much in restaurants, but plenty in department stores and tech - related stores.

Korea as a whole is a high-tech country anyway, and it shouldn't surprise anyone that they are among the leading countries that work on how cryptocurrencies can be regulated.

tad off topic, but wanted to address this. south korea's  economy is very much into the tech industry, and there are highly urbanized areas of the country, especially the capital city of seoul. however, having lived there for a while, i dont feel you could really call it a 'high tech country as a whole.' there are still plenty of rural areas outside of the main metropolis, and i mean incredibly rural.

This info proves that there`s no need to build brand new bitcoin ATMs.The banks could change the settings of their ATMs, so they could accept fiat money payments for bitcoin and altcoins.
South Korea and Japan turn to be the leaders in bitcoin/blockchain adoption.USA and the EU countries are far behind them.The "know your customer" KYC rules are the only thing that stops further adoption.I hate sharing my personal info and IDs to some greedy banks.

of course there's no need for that, there never was, unless the current existing atm's could not in any way be modified to support bitcoin transactions. why bother designing and building something new when you can add functionality to an existing product for much less?

[Xabad]

Another addition to countries who is embracing the crypto currency, This is a good news for all of us who are already in bitcoin this only means that bitcoin has a big chance of staying.

[tomahawk9]

Goood news. A few weeks ago when the Bithumb crash happened I actually thought Bitcoin was going to get banned in South Korea, fortunately, nothing happened, on the contrary, it helped to bring awareness about Bitcoin and the goverment seems to be ready to embrance cryptocurrencies.

And i'm not surprised to see Bitcoin going 'mainstream' in South Korea, and perhaps becoming a nationwide method of payment for consumers throughout the country in the near future, this is a high-tech country that's alway at the top in innovation. Hopefully the adoption of BTC in South Korean will help Bitcoin and cryptocurrencies to be accepted a lot more in other eastern countries.

[prlelbnwh]

Koreans should be proud of the huge amount of bitcoin usage. Because several neighboring countries in South Korea are very wary of bitcoin, with the exception of Japan.
I think this will have an impact on the price of bitcoin and this has greatly boosted the activity and price of altcoin on the Korean exchange. However, South Korea should introduce a policy to manage the ICO in the near future.