Jeju Island announces the launch of an NFT tourist card in the second half of 2025: eligible for stablecoin subsidies and attraction discounts...

Jeju Island in South Korea announced last December that it would launch a program allowing tourists to use virtual assets like Bitcoin for consumption. The local government further announced yesterday that it plans to introduce a digital resident card combined with NFTs in the second half of this year, allowing tourists to apply for travel subsidies and other benefits. (Background: Is South Korea opening up corporate investments in cryptocurrencies? Authorities will decide in January next year; the industry calls for relaxed restrictions to stabilize the market) (Additional background: New character 'Coin Trader' in 'Squid Game 2' sparks discussion: Why does South Korea dislike cryptocurrency enthusiasts so much?) In December last year, the Jeju Special Self-Governing Province (Jeju Island) released a 'Jeju AI/Digital Transformation Roadmap,' which includes building infrastructure allowing tourists from neighboring countries and regions like Taiwan, China, and Japan to complete payments using QR codes, creating a cashless international city. It is reported that Jeju Island will launch a simple digital payment system allowing tourists to exchange virtual assets like Bitcoin for the local currency for consumption, without the need for additional currency and cash exchanges. Besides cryptocurrency payments, Jeju Island Governor Oh Yeong-hoon has also anticipated introducing NFTs into the local tourism industry. Local businesses are also paying close attention to the future applications of NFTs. Extended reading: Jeju Island, South Korea, will allow tourists to 'pay with Bitcoin': creating a cashless international city and planning to issue an NFT tourist card this year. Against this backdrop, local media reported that the Jeju Special Self-Governing Province announced yesterday (5th) its plan to launch a digital resident tourist card combined with NFTs in the second half of this year, aiming to attract the MZ generation (Millennials and Generation Z) and enhance the revisit rate of tourists. It is reported that Jeju Island tourists can apply for a 'digital tourist resident card' to receive travel subsidies, membership benefits, and discounts on attractions. Additionally, it is expected that travel subsidies will be paid using the stablecoin 'Tamna Jeon,' which was implemented locally in 2019, to help revitalize the local economy. The tourism industry becomes the preferred pilot for NFTs and crypto payments. On the other hand, besides Jeju Island in South Korea focusing on creating a digital environment for crypto payments and NFTs in the tourism industry, Thailand's Phuket Island, another tourist destination, is also considering a pilot program for Bitcoin payments in its tourism industry proposed by former Prime Minister Thaksin Shinawatra. According to the Bangkok Post, Nirun Fuwattananukul, CEO of Gulf Binance, a joint venture in Thailand between Binance and Gulf Group, stated in an interview that incorporating cryptocurrencies into Phuket's economy is expected to attract tech-savvy tourists and investors. Moreover, Nirun mentioned that implementing a sandbox pilot can ensure thorough understanding and management of any potential risks before broader adoption: A successful pilot in Phuket could position Thailand as a regional leader in digital innovation. It can enhance our global reputation as a progressive nation ready to embrace the financial future while maintaining a responsible and regulated approach. The recent plans in Jeju Island and Phuket demonstrate that in Asian countries taking a cautious regulatory approach to blockchain and cryptocurrencies, the tourism industry may have become a priority choice for piloting crypto applications in these nations. Related reports: South Korea's central bank: Over 30% of citizens are trading cryptocurrencies! The number of local cryptocurrency investors has surpassed 15.59 million. Oh no! The cryptocurrency capital gains tax in South Korea may be affected by the presidential impeachment case, likely to take effect as originally planned on January 1, 2025. Analysis: Has the Korean stock market really been harmed by Bitcoin? 'Jeju Island announces the launch of an NFT tourist card in the second half of 2025: eligible for stablecoin subsidies and attraction discounts...' This article was first published on BlockTempo (the most influential blockchain news media).