BC Card from South Korea tests payments with digital coin in local businesses

not_your_keys · 2025-12-24T01:31:13+00:00

BC Card, un procesador de pagos de Corea del Sur, llevó a cabo un proyecto piloto que permite a los usuarios extranjeros pagar a comerciantes locales con stablecoins. La iniciativa, en asociación con Wavebridge y otros, tenía como objetivo probar la funcionalidad de las stablecoins en los pagos nacionales, centrándose en la conveniencia del usuario. Se han señalado retrasos regulatorios con respecto a las regulaciones de stablecoin.

not_your_keys

2025-12-24 01:31:13

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Source: Yellow Original Title: South Korea's BC Card tests digital currency payments at local merchants

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Project Overview

The South Korean payment processor BC Card completed a pilot project that allows foreign users to pay local merchants using stablecoins.

The pilot was launched in October and was announced on Tuesday.

BC Card partnered with the blockchain company Wavebridge, the wallet provider Aaron Group, and the remittance company Global Money Express for the trial.

Foreign users converted stablecoins from overseas wallets into BC Card digital prepaid cards.

They then made payments in convenience stores, cafes, and supermarkets using QR codes, without the need for physical cards or currency exchange.

Project Details

BC Card is one of the largest payment companies in South Korea and reportedly processes over 20% of the country's card transactions.

The company serves 3.4 million domestic businesses and its majority shareholder is the telecommunications giant KT Corp.

BC Card indicated that the pilot tested the usability of stablecoins within Korea's domestic payment ecosystem, focusing on the convenience and stability of the system.

The company addressed key limitations, including real-time processing for approvals, cancellations, and payment corrections.

BC Card emphasized that this is not a short-term project, but rather a preparation to implement a payment structure with stablecoins as regulations evolve.

Regulatory context

The Financial Services Commission of South Korea missed the December 10 deadline to submit a draft regulation on stablecoins.

The ruling Democratic Party had requested the proposal to fulfill President Lee Jae-myung's campaign promise.

Lawmakers said that the delays were due to disagreements between the FSC and the Bank of Korea over who should control the issuance of stablecoins.

The Bank of Korea wants to require banks to own at least 51% of any stablecoin issuer seeking regulatory approval.

The FSC opposes this approach, pointing out that most stablecoin issuers under the EU MiCA framework are fintech companies and not banks.

The first yen-backed stablecoin from Japan was also issued by a fintech company instead of a traditional bank.

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