As a leading stablecoin, USDT issuer Tether announced yesterday that residents of the Philippines can now pay their social insurance through the public blockchain TON using USDT. The Governor of Jeju Island in South Korea also stated plans to introduce NFTs and cryptocurrencies into the local tourism industry.
(Preface:
According to a Finder report, 32% of Filipinos own NFTs, ranking first in the world, while 90% of Japanese have never heard of them.)
(Background Information:
South Korea’s Donation Law refuses to accept cryptocurrency donations, except for government-issued stablecoins.)
With the development of blockchain technology and the maturation of the cryptocurrency market, cryptocurrencies are gradually being applied to various payment scenarios in real life. Just yesterday, Tether, the leading issuer of the stablecoin USDT, announced a new payment option for Filipino users: “Filipino residents can now use USDT to pay for their Social Security System (SSS) fees through the public blockchain TON.”
Note: Philippine authorities require all employed personnel under the age of 60 with a monthly income over 1,000 pesos, including foreign citizens working in the Philippines, to contribute to the Social Security System (SSS). The purpose of the SSS is to provide protection for private employees and their families against disability, illness, old age, and death, similar to Taiwan’s National Pension.
Support from Uquid
It is understood that this payment scheme is supported by the Web3 e-commerce platform Uquid. Uquid’s official account also retweeted Tether’s post yesterday, stating:
Uquid is a platform that uses blockchain technology and decentralized finance to provide a secure and transparent shopping experience, offering millions of physical and digital products and supporting payments with various mainstream cryptocurrencies such as BTC, ETH, AVAX, Matic, and about thirty others, as well as Binance Pay and crypto.com Pay.
Traditional payment methods like credit cards, bank transfers, Apple Pay, Google Pay, and Alipay are also available.
Jeju Island in South Korea Plans to Introduce Cryptocurrencies and NFTs into Tourism
In addition to the Philippines, according to South Korean media reports yesterday, the Governor of Jeju Island, a popular tourist destination in South Korea, expressed the hope to digitally transform in the near future and introduce cryptocurrencies and NFTs into the Jeju tourism industry:
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