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Seoul mall stores to accept bitcoin

Seoul’s giant Goto Mall has partnered with a Korean cryptocurrency exchange to enable its retail tenants to accept bitcoin as payment.

The exchange, HTS Coin, launched in October and developed a smart payment system using cryptocurrencies before launching a mobile app.

Goto Mall – also known as the Gangnam Terminal Underground Shopping Centre – has 620 tenants and hosts nearly 500,000 shoppers daily. Stores will begin accepting bitcoin payments by the middle of December, reports

“I think it is very meaningful to be able to settle the bitcoin used by foreigners and young people at Goto Mall,” said mall CEO Chung Gwi Yeon.

Some stores in the mall have been accepting bitcoin payments directly in a trial, but reports there were problems with store owners losing their passwords and unable to spend the bitcoins they had accepted.

Newspaper Bridge Economy observed that when the new World Duty-Free store opens in Gangnam Central City next year, Goto Mall can expect to further increase its foreign customer base. “Goto Mall is expected to turn into a bitcoin mecca.”

Bitcoin will join cash, credit cards and Alipay is primary payment options at the shopping centre.

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