[2018-07-03] Korea's Oldest Mileage Program May Convert Cash Points to Crypto

[Terraformer]

The company behind OK Cashbag, the oldest and most popular mileage point program in South Korea, is mulling a plan to convert cash points accumulated by its users into cryptocurrency.

Operated by SK Planet, the e-commerce arm of communication giant SK Telecom, OK Cashbag point was launched in 1999 to reward users who purchased goods and services from SK affiliated merchants. In an interview with CoinDesk Korea, SK Planet said a plan to introduce a blockchain system to tokenize cash points had been shared with the company's top-level management.

One aspect of the plan would involve the creation of a so-called stablecoin, given that the points in question are tied to the Korean won.

While the bid – temporarily called OKX – is subject to further research ahead of any formal debut, it's a notable development given the existing user base of OK Cashbag and the number of merchants that accept the usage of OK Cashbag points.

According to the report, the program now has over 35 million users with more than 50,000 affiliated merchant stores where consumers can spend their rewards. They can also exchange points for cash if they earn more than 50,000 points.

And, while SK Planet could not calculate the exact amount of its reserve, the company told CoinDesk Korea that the total amount of points within its system could be worth more than $100 million.

More broadly, the report also indicated that SK Planet's move may run into regulatory hurdles even if the company decides to roll out the initiative.

According to the report, OK Cashback's cash point system is currently categorized as "prepaid electronic payment means." Firms offering this type of service must obtain approval from South Korea's Financial Services Commission.

Since the South Korea government has yet to pass a legal framework for cryptocurrencies, it remains to be seen whether SK Planet's plan will receive approval under the Electronic Financial Transactions Act mandate, the report said.

Source >> https://www.coindesk.com/koreas-oldest-mileage-program-may-convert-cash-points-to-cryptos/

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[Harlot]

Reward points turning intro cryptocurrency? Is this for real? I really hope this does not back them back when their cryptocurrency suddenly pump and dump smart users would have traded or at least exchange something during the pump which will potentially leave them with a low price cryptocurrency. This merchant stores should seriously think about the consequences on how the prices of the reward points as cryptocurrency will affect their sales which in turn will affect their income, they should set some kind of limit in order to control their crytpocurrency.

[gentlemand]

Reward points turning intro cryptocurrency? Is this for real? I really hope this does not back them back when their cryptocurrency suddenly pump and dump smart users would have traded or at least exchange something during the pump which will potentially leave them with a low price cryptocurrency. This merchant stores should seriously think about the consequences on how the prices of the reward points as cryptocurrency will affect their sales which in turn will affect their income, they should set some kind of limit in order to control their crytpocurrency.

Why are you getting so worked up? It's just points. Most people don't give a shit about them.

That's one of the best ways to sneak crypto into the mainstream IMO. It's free money in the eyes of most people and free money with the potential for future gains. It's a total win win. I'd be much more diligent with my cashback if I was getting Bitcoin for it.

[Harlot]

~snip~

Why are you getting so worked up? It's just points. Most people don't give a shit about them.

That's one of the best ways to sneak crypto into the mainstream IMO. It's free money in the eyes of most people and free money with the potential for future gains. It's a total win win. I'd be much more diligent with my cashback if I was getting Bitcoin for it.

We are talking about tokens here that is treated as reward points, tokens that change value most of the time. Meaning if you are rewarded 100 tokens for purchasing something their prices might go high and low and token earners/reward collectors might use this as an advantage. Not to mention their Tokens will be available in exchanges their customers might not even shop anymore in order to earn their tokens, they can just buy it in an exchange in an attempt to purchase something without using any money. So as a view of a business owner I think this could be a disadvantage for them.