A CITY IN SOUTH KOREA IS EXPANDING ITS BLOCKCHAIN PAYMENT PROGRAM

South Korea, a nation renowned for its technological prowess, is once again making headlines with its innovative approach to blockchain technology.While the global landscape of blockchain and cryptocurrency fluctuates, South Korea remains steadfast in its exploration and implementation of this transformative technology. According to a recent Bloomberg story, South Korea even topped Hong Kong for IPO proceeds in the third quarter of 2025. In addition, the Korea Exchange (KRX) houses its headquarters in Busan. The financial industry's search for stability in East Asia only further boosts the development of the second-largest city in South Korea.A prime example of this commitment is unfolding in Seongnam, a major satellite city often dubbed South Korea's Silicon Valley.Seongnam is taking its existing blockchain-powered payment program to the next level by introducing new digital gift certificates. South Korea s tech giant Naver has made a move into the cryptocurrency space with the launch of its first digital asset wallet, Naver Pay Wallet. The company, often referred to as the Google of South Korea, has partnered with Chiliz, a blockchain provider focused on sports and entertainment, to power this new offering.This initiative not only aims to modernize payment systems but also addresses a crucial aspect of digital inclusion, specifically targeting the elderly population with simplified contactless payment solutions. Seongnam, a major satellite city on the outskirts of the capital Seoul, South Korea, is set to expand its blockchain-powered payment program with a new digitThe program leverages a dedicated mobile application, seeking to bridge the digital divide and empower all residents with access to secure and convenient transactions. Under the new plan, Jeju will enable digital asset-based cross-border payments with neighboring countries like China and Japan. The system will allow digital assets, including Bitcoin, to convert into Jeju s regional currency for local use, streamlining transactions.This bold move showcases South Korea's dedication to fostering a robust blockchain ecosystem and solidifying its position as a leader in the digital economy, even as the wider world grapples with the evolving landscape of crypto and blockchain.

Seongnam's Blockchain Initiative: Digital Gift Certificates

Seongnam's ambitious project revolves around the issuance of digital gift certificates, a move designed to enhance the city's existing blockchain-based payment infrastructure.The primary goal is to facilitate seamless and secure transactions for residents while simultaneously promoting the adoption of digital payment methods.The initiative is expected to provide a boost to local businesses and stimulate economic activity within the city.

The city's blockchain infrastructure will operate through a user-friendly mobile application called Chak app.Developed by the Korea Minting and Security Printing Corporation (KOMSCO), the Chak app is designed to be easily accessible and navigate, particularly for elderly residents who may be less familiar with digital technologies.This focus on accessibility is a key component of the project's broader objective of ensuring digital inclusion for all citizens.

Targeting Digital Inclusion: Empowering the Elderly

One of the most noteworthy aspects of Seongnam's blockchain payment program is its deliberate focus on educating and integrating the elderly population. A major satellite city in South Korea, Seongnam, is preparing to expand its existing blockchain-powered payment program by issuing new digital gift certificates. According to KyunghyangRecognizing that older generations may face challenges in adopting new technologies, the city is implementing strategies to simplify the payment process and provide adequate support and training.

This focus on digital inclusion addresses a significant concern in many rapidly digitizing societies. South Korea plans to invest 20 billion won (approximately $14.5 million) in a blockchain support project to enhance the local blockchain industry and technology. Spearheaded by the Ministry of Science and ICT and the Korea Internet Security Agency (KISA), the initiative will focus on six public sector projects, including developing a CBDCBy ensuring that the elderly are not left behind in the transition to digital payment systems, Seongnam is fostering a more equitable and inclusive digital economy.The Chak app is specifically designed with a simplified interface and intuitive navigation to cater to the needs of older users.

The Chak App: A User-Friendly Blockchain Interface

The Chak app serves as the central hub for Seongnam's digital gift certificate program. By providing secure XRP and RLUSD custody services for institutional investors, this partnership will support the growth of XRPL developers and its ecosystem, expand the usability of Ripple s stablecoin (RLUSD), and leverage synergies with Busan, Korea s blockchain regulation-free zone.It is designed to be a seamless and intuitive platform, making it easy for residents of all ages to participate in the blockchain-based payment ecosystem.Key features of the Chak app are expected to include:

• Easy registration and onboarding: A simplified registration process to encourage widespread adoption.
• User-friendly interface: Clear and intuitive navigation to minimize confusion, especially for elderly users.
• Secure transaction processing: Robust security measures to protect users' funds and personal information.
• Real-time transaction tracking: Transparent and auditable transaction history.
• Customer support: Dedicated support channels to assist users with any questions or issues.

KOMSCO's involvement in developing the Chak app ensures a high level of security and reliability.KOMSCO's expertise in security printing and authentication technologies will be instrumental in safeguarding the integrity of the blockchain payment system.

South Korea's Broader Blockchain Initiatives

Seongnam's blockchain payment program is just one example of South Korea's growing commitment to blockchain technology. A major satellite city in South Korea, Seongnam, is preparing to expand its existing blockchain-powered payment program by issuing new digital giftThe nation is actively exploring and implementing blockchain solutions across various sectors, including finance, logistics, healthcare, and government services.This multifaceted approach reflects South Korea's belief in the transformative potential of blockchain to drive innovation and economic growth.

The South Korean government is also actively supporting the development of the blockchain industry through various initiatives and investments. One of the significantly technologically developed cities in South Korea is aiming to expand its payments programs through digital gift certificates based on blockchain technology. One of the goals is to educate the elderly on contactless payments.The Ministry of Science and ICT and the Korea Internet Security Agency (KISA) are spearheading a project to invest 20 billion won (approximately $14.5 million) in blockchain support projects. South Korea's Silicon Valley continues to be passionate about blockchain technology. Seongnam, South Korea's premier satellite city, is preparing to expand its existing by puncakbukit Good news from Korea.This investment is intended to enhance the local blockchain industry and technology, fostering innovation and competitiveness.

CBDC Development and Cross-Border Payments

Part of this broader initiative includes exploring the development of a Central Bank Digital Currency (CBDC).Furthermore, Jeju Island, a popular tourist destination, is planning to enable digital asset-based cross-border payments with neighboring countries like China and Japan. Ripple (XRP) continues to solidify its position in the financial world with a new strategic partnership with BDACS, a move that analysts say could significantly boost XRP adoption and utility. This latest collaboration aligns with Ripple s broader mission of revolutionizing cross-border payments and enhancing blockchain-based financial solutions. At the same time, The CryptoTradingFund (CTFThis innovative system would allow digital assets, including Bitcoin, to be converted into Jeju's regional currency for local use, streamlining transactions for tourists and boosting the local economy. A city in South Korea is expanding its blockchain payment program! 🔥 Read the full article on @Cointelegraph 👇 cryptocurrency bitcoin ethereum blockchainThese developments show a clear intent to explore diverse blockchain applications.

Blockchain in South Korea: Beyond Cryptocurrency

While cryptocurrency often dominates the blockchain conversation, South Korea is demonstrating that blockchain technology has far broader applications.The country is actively exploring and implementing blockchain solutions in areas such as:

• Digital identity: A blockchain-based digital driver's license app has been embraced by over one million people in South Korea.
• Supply chain management: Blockchain is being used to track and trace goods, ensuring transparency and efficiency in supply chains.
• Healthcare: Blockchain is being explored for secure storage and sharing of medical records.
• Intellectual property rights: Blockchain is being used to protect and manage intellectual property rights.

These diverse applications highlight the versatility of blockchain technology and its potential to revolutionize various industries.

Foreign Investment and the Korean Blockchain Ecosystem

South Korea's crypto-friendly environment and proactive approach to blockchain innovation have attracted significant foreign investment in blockchain startups.In 2025, over $1.2 billion in venture capital funding was poured into South Korean blockchain projects, marking a 72% increase from the previous year (CoinDesk Korea).This influx of capital is fueling further innovation and growth within the South Korean blockchain ecosystem.

The presence of major tech companies like Naver, often referred to as the ""Google of South Korea,"" further strengthens the ecosystem.Naver has recently launched its first digital asset wallet, Naver Pay Wallet, in partnership with Chiliz, a blockchain provider focused on sports and entertainment.This move signifies the growing acceptance of blockchain technology within mainstream industries.

Ripple (XRP) and its Growing Presence in South Korea

Ripple (XRP) is also solidifying its position in the South Korean financial landscape through strategic partnerships.A recent collaboration with BDACS aims to revolutionize cross-border payments and enhance blockchain-based financial solutions.This partnership aligns with Ripple's broader mission of streamlining international transactions and fostering greater financial inclusion.

Furthermore, Ripple is partnering with CTF (The CryptoTradingFund) to provide secure XRP and RLUSD custody services for institutional investors.This partnership will support the growth of XRPL developers and its ecosystem, expand the usability of Ripple’s stablecoin (RLUSD), and leverage synergies with Busan, Korea’s blockchain regulation-free zone.This demonstrates a strong commitment to building a robust and thriving blockchain ecosystem in South Korea.

Addressing Blockchain Regulations in South Korea

While South Korea is embracing blockchain technology, the regulatory landscape remains somewhat uncertain. South Korea's Silicon Valley continues its love affair with Blockchain technology. 700The government is actively working to develop clear and comprehensive regulations that promote innovation while protecting consumers and preventing illicit activities.Navigating this evolving regulatory environment is crucial for companies operating in the South Korean blockchain space.

Despite the regulatory uncertainties, the overall sentiment towards blockchain technology in South Korea is positive. South Korea's Growing Affection for Cryptocurrency and Blockchain Technology. South Korea is rapidly adopting blockchain technology and cryptocurrencies in various sectors. Over one million people have embraced a blockchain-based digital driver's license app in a short span, highlighting the non-financial applications of blockchain.The government recognizes the potential benefits of blockchain and is committed to fostering a supportive environment for its development and adoption.

The Future of Blockchain in Seongnam and South Korea

Seongnam's blockchain payment program and other initiatives across South Korea paint a promising picture for the future of blockchain technology in the country. South Korea's Silicon Valley continues its love affair with Blockchain technology. A major satellite city in South Korea, Seongnam, is preparing to expand its existing blockchain-powered payment program by issuing new digital gift certificates. According to Kyunghyang Shinmun, the city s Blockchain infrastructure will rely on a mobile app named Chak app. This app will be MoreAs the technology matures and regulations become clearer, we can expect to see even greater adoption and innovation across various industries. Secondo il quotidiano Kyunghyang Shinmun, l infrastruttura blockchain della citt si baser su un'app chiama Chak. L applicativo sar sviluppato dalla Korea Minting and Security Printing Corporation (KOMSCO): il progetto di Seongnam intende rendere pi semplice l utilizzo della blockchain per persone di mezza et ed anziani.South Korea's proactive approach to blockchain positions it as a leader in the global digital economy.

The key to success will be continued collaboration between the government, industry players, and academia. A major satellite city in South Korea, Seongnam, is preparing to expand its existing blockchain-powered payment program by issuing new digital gift certificates. According to Kyunghyang Shinmun, the city s Blockchain infrastructure will rely on a mobile app named Chak app.By working together, these stakeholders can create a vibrant and sustainable blockchain ecosystem that benefits all citizens.The focus on digital inclusion, as demonstrated by Seongnam's efforts to reach the elderly, is also crucial for ensuring that the benefits of blockchain technology are shared equitably across society.

FAQ: Blockchain in South Korea and Seongnam's Program

What is the main goal of Seongnam's blockchain payment program?

The main goal is to enhance the city's existing blockchain-based payment infrastructure by issuing digital gift certificates, facilitating seamless and secure transactions for residents, and promoting the adoption of digital payment methods, especially among the elderly.

How does the Chak app help the elderly use blockchain technology?

The Chak app is designed with a simplified interface, intuitive navigation, and dedicated customer support to cater to the needs of older users, making it easier for them to participate in the digital economy.

What other blockchain initiatives are happening in South Korea?

South Korea is exploring and implementing blockchain solutions in various sectors, including digital identity, supply chain management, healthcare, intellectual property rights, and even exploring a CBDC (Central Bank Digital Currency).They are also investing heavily in blockchain support projects.

Is South Korea a crypto-friendly country?

Yes, South Korea is considered a crypto-friendly country, which has led to significant foreign investment in blockchain startups and the development of a thriving blockchain ecosystem.

What challenges does South Korea face in developing its blockchain ecosystem?

The main challenge is navigating the evolving regulatory environment.The government is working to develop clear and comprehensive regulations that promote innovation while protecting consumers and preventing illicit activities.

Conclusion: South Korea's Continued Blockchain Journey

Seongnam's expansion of its blockchain payment program is a testament to South Korea's unwavering commitment to embracing and innovating with blockchain technology.By focusing on digital inclusion and creating user-friendly solutions, the city is paving the way for a more equitable and accessible digital economy.South Korea's broader initiatives across various sectors, coupled with significant foreign investment, solidify its position as a leader in the global blockchain landscape.Key takeaways include:

• Seongnam's digital gift certificate program aims to modernize payments and promote digital inclusion.
• The Chak app is designed to be user-friendly, especially for the elderly.
• South Korea is exploring blockchain solutions in diverse sectors beyond cryptocurrency.
• Foreign investment is fueling the growth of the South Korean blockchain ecosystem.
• The regulatory environment is evolving, but the overall sentiment towards blockchain is positive.

As South Korea continues to refine its blockchain strategy and address regulatory challenges, it is poised to unlock the full potential of this transformative technology and shape the future of the digital economy.Keep an eye on South Korea as it continues to push the boundaries of blockchain innovation!