Millions of South Koreans have now chosen for a blockchain-based license despite the program being launched in May this year. in our latest Blockchain news, we are reading more about it in the blockchain latest news.
Millions of South Koreans have chosen to replace their physical driver’s license in favor of a blockchain-powered one used in conjunction with the PASS smartphone app. This represents more than 3% of the entire driving population in South Korea which was set at 32.6 million licenses in 2019. This is the first authorized digital identification card that can be used around the country and even got approval by the nation’s Ministry of Science back in 2019.
The project was launched in May by the National Police Agency as well as with the help of the Korea Road Traffic Authority and the three biggest telecommunication providers, KT, LG U+, and SK. By last month, there are 27 of South Korea’s drivers’ license testing centers that are using the PASS app in order to renew the issuance of the licenses. The legally recognized ID solution can be used for identification and proof-of-age requirements such as the retail chains selling alcohol. The users show their licenses via a QR code or a barcode on the app. The Non-Korean residents will get an English-version of the license.
Other industries such as rental cars and shared rides services which are researching the ability to use the IDs as a replacement for the face-to-face verification checks. This week alone, we witnessed South Korea announced a few integrations of blockchain technology. The payment program will be expanded by issuing gift certificates while beachgoers will be able to pay to services with ETH and BTC. One of the biggest banks in South Korea KEB Hana Bank partnered with the Korea Expressway Corporation to launch the blockchain-based toll system for the highways in the country.
South Korea is not the only country that looks into transitioning existing licenses to digital formats on the blockchain. Back in 2018, Australia’s NSW government announced the first trial of Ethereum-based digital licenses that are able to replace the physical ones.
The government of South Korea finalized the 20% tax rate from crypto trading after the Tax Development review committee meeting on July 22 when the Ministry of Economy and Finance published the reviewed tax code and creating the new rules. In the section “Taxation on Virtual Asset Transaction Income” the ministry showed the new rules with a note of both personal and foreign corporations’ virtual assets making them nontaxable.
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