South Korea is planning to introduce blockchain-based digital IDs for its citizens with a smartphone by 2024, according to Bloomberg. These digital IDs will be installed on smartphones and work as efficiently as physical resident registration cards. The call for digital IDs is not new as its importance was realized as soon as the world […]
South Korea is planning to introduce blockchain-based digital IDs for its citizens with a smartphone by 2024, according to. These digital IDs will be installed on smartphones and work as efficiently as physical resident registration cards.
Cautious of being seen as a “Big Brother,” the South Korean government plans to adopt a decentralized identity system. Suh Bo Ram, the Director-General of South Korea’s Digital Government Bureau, said that the government would have no direct access to information stored on phones, including the digital ID and their usage.South Korea getting more crypto-friendly
Notably, South Korea amended the Act on the Reporting and Use of Specific Financial Transaction Information on 5 March 2020. The legislation establishes a legislative framework for cryptocurrencies, as well as associated services and activities, legally legalizing cryptocurrency in South Korea and requiring specific compliance requirements.
said that one million citizens have foregone their physical driving license in favour of a blockchain-powered digital alternative, used in conjunction with the PASS smartphone app.published by ReportLinker mentioned that the blockchain identity market will grow a further $3.58 billion by 2025, at a compounded annual growth rate of 71%.
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