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South Korean Merchants Open to Accepting Digital Yuan
An article published by Yonhap suggests that South Korean merchants are open to accepting digital yuan as a payment method in the near future.
NEWS
South Korean media outlets suggest that local merchants could accept the upcoming digital yuan as a payment method once the COVID-19 pandemic passes and Chinese tourist flow increases in the country.
According to news agency Yonhap, domestic merchants have been increasingly considering taking advantage of China’s upcoming digital currency, citing some tourist shops in their examples.
Taking advantage of Chinese tourism
The report details that in Seoul’s Myeongdong district, some stores have been accepting payments using Alipay, thus showing interest in customers from China.
Reports indicate that the COVID-19 crisis has caused damages close to $2 billion in tourism income. Due in part to this fact, merchants have begun to consider the digital yuan as a payment method once it launches.
Risks of accepting digital yuan in a foreign country
However, the author of the article warned about accepting the digital yuan as a payment method. They cite privacy issues and the oversight of “Big Brother”:…...more here
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