Korean E-Commerce Platform WeMakePrice to Accept Cryptocurrencies

WeMakePrice Accepts Cryptocurrencies

Bitcoin along with all other forms of digital currency have been up and down in 2018.  Mostly it has come down.  That is due to the Korean government regulations regarding this new form of money.  It seems more and more likely that digital currencies will be heavily regulated in South Korea.  This could be the reason why Korean E-Commerce Platform WeMakePrice is accepting cryptocurrencies.  WeMakePrice will integrate 12 cryptocurrencies to its payment application to allow customers to pay using digital currencies.

Bitcoin Regulations in Korea

The regulations regarding bitcoin in Korea is not fully clear.  However one of the main issues seems to be about anonymity.  That could change as Korea is already implementing rules regarding bank account names matching cryptocurrency account names.  This way it will be much easier to track illegal activity and tax trades/exchanges.

WeMakePrice Partners with Bithumb

WeMakePrice has partnered with Bithumb, Korea’s biggest cryptocurrency exchange. The main concern with cryptocurrency is the volatility.  The price is constantly changing.  Therefore if the transaction time is high then the value could end up being a lot different once the payment is processed.  More and more governments are looking to regulate cryptocurrency.  Therefore the value could continue to drop even further.

 

 

This could be why WeMakePrice is partnering with Bithumb.  They will integrate their payment system into their own to make transactions easier.  While WeMakePrice is a very large company, it could take 3-4 other large e-commerce sites to really fuel the demand for cryptocurrencies in Korea.  Other e-commerce sites seem to be waiting to see what kind of regulations the South Korean government will add before they look to use cryptocurrency payments.

WeMakePrice is looking a few steps ahead by being the first to market in Korea for using cryptocurrency payments.  Once there is a government standard that is recognized everywhere then people will feel safe to use cryptocurrencies.  Then the value could go back up.  Right now, there is a bad stigma in regards to digital currency.  Even today, most see bitcoin being used for illegal activities.  It is these illegal activities that many banks in Korea are afraid of.

The Future of Bitcoin in Korea

These laws and regulations can be looked at as a gift and a curse.  A gift in that it will bring more public trust for digital currencies and a curse because people won’t bother using digital currencies.  The most popular digital currency out there is still bitcoin.  Just a few years ago, many Koreans did not know about bitcoin.  It was only until last year when Koreans started to take notice.  There are hundreds of Koreans who have gotten rich off of bitcoin.

With all the bad news regarding Bitcoin in Korea, the news that WeMakePrice will be accepting digital currency gives hope that digital currency could possibly go mainstream.  It is highly likely that other e-commerce platforms will follow WeMakePrice if they are successfully using this payment method.  However, one should ask why use digital currency over fiat currency?  The main benefit of digital currency was that it was anonymous.  If you take that away, what is the difference?  It is possible some will not follow the rules set by the government.  They will continue to have anonymous accounts.  However, for those looking to follow the law, there is no reason to buy digital currency now.  Unless you want to trade.  Therefore how well WeMakePrice does with cryptocurrency is so important.

John Yoon

John Yoon is the Editor in Chief at Startup Radar, Organizer for Startup Festival 2017, Head of Operations Korea at EOS Asia and the Global Marketing Director for Foresting.io. Email = john@startupradar.asia if you are interested in guest contributing and helping the Korean startup ecosystem. Wechat, Kakao, and Line user ID is jswy315

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