As the PyeongChang Winter Olympics continues, cryptocurrency holders can use Ethereum to purchase at seven establishments instead of the country’s domestic currency, won. There are six locations in PyeongChang while the other one is located in Gangneung. These areas acknowledge the virtual currency as payment along with cash and accustomed credit cards.
The accepted cryptocurrency can be used with a South Korean app called “Coinduck” and is designed by blockchain developers Chain Partners. The app charges a service fee of two percent for using the digital currency as payment. The businesses that accept Ethereum include a coffee shop, three lodging accommodations, hotel, skis, and snowboard renting souvenir shop and a blowfish restaurant in Gangneung.
With the inception of cryptocurrency, many digital currencies emerge in the market and more are expected to come. Decenternet is a startup company and is introducing its native currency called “Spice.” It is the heart of all trade and commerce on the Decenternet which is the most capable and integrated hyper-speed P2P decentralized internet infrastructure solution that can be created by blockchain.
Spice can be obtained through domestic mining and is synonymous with other major digital currencies like Bitcoin and Ethereum. This feature eliminates the necessity for senseless counteraction between key digital currencies. It would be easy for Spice holders to make more transactions because it can be exchanged with Ethereum which is accepted at some businesses in South Korea.
Spice on its own can be used to buy goods, apps, hosting services, or process micropayments without worries. The Spice economy is economically viable and profitable in nature as compared to the long-established fiat currency economy which is prone to inflation and depletion.
In regards to cryptocurrency, it has been facing difficulties as the country is reported to ban the “coin of the future.” However, recent reports suggest that authorities had beckoned it’s vouching for “normal” cryptocurrency industry. This event helped in boosting the bitcoin rate. South Korea’s Financial Supervisory Service governor, Choe Heungsik stated that he desires to notice the regulated exchange of cryptocurrency.