S. Korea to Launch Mobile Driver’s Licenses This Month

South Koreans will soon be able to use a mobile app to present a digital driver’s license that would allow them to buy booze or smokes at the local convenience store without exposing their citizen ID number or home address to potentially nefarious actors.

PASS, an ID solution operated by South Korea’s three big telecom companies, has been plugged into the South Korean police agency’s drivers license to provide the mobile service that will launch on June 24.

The mobile driver’s license platform was included in the government’s regulatory sandbox for ICT last year. From the Korea Herald:

“People will be able to store their driver license on the app after registering it to the authorities. Its validity will be checked in real time using license archives from the KNPA and the Korea Road Traffic Authority. 

‘With the easy confirmation of drivers’ qualification and identification, we expect improved convenience for drivers,’ the KNPA said. ‘Plus, there will be fewer cases of driver license theft with (this) enhanced security.’”

The solution uses blockchain technology to protect the personal information of the user. To prevent private data from leaking, the driver’s license info is stored internally on your smartphone while AWS blockchain technology will be used to encrypt the data to prevent forging, tampering and hacking.

S. Korea to levy capital gains tax on crypto? Not so fast..

The media reported last week that South Korean authorities have tentatively decided to impose a capital gains tax on cryptocurrency trading.

The Ministry of Finance, however, wants us to know that nothing has been decided. And it said so in a press statement released last Thursday.

The ministry explained that tax plans for crypto are still being considered. 

Also in the Korean blockchain space…

• Blockchain ID app accesses South Korea city’s public services

(By Ed Drake, CoinGeek, June 13)

Ed Drake of CoinDesk takes a look at how the South Korean city of Busan has integrated blockchain into city services, especially by leveraging blockchain ID technology. In particular, local residents are now able to access government services though an app that uses DID technology built on the Metadium network.

• South Korea’s NH Bank creates digital asset consortium

(By Ledger Insights, June 10)

Nonghyup Bank has joined hands with blockchain firm Hexlant and major South Korean law firm Pacific Law to “explore new business models, digital asset custody and digital asset security.” This comes after recent legal changes have forced digital asset service providers to adopt anti-money laundering procedures.

• South Korea Edges Closer to CBDC Rollout Without Any Commitment

(By Tim Alper, CryptoNews, June 9)

As we mentioned last week, the Bank of Korea continues to tease the public with talk of CBDCs, though we’re still seeing little in terms of concrete plans.

• South Korea’s KB Insurance To Deliver Client Messages Using Blockchain Platform

(By Kelly Cromley, CoinTrust, June 12)

Major South Korean insurance company KB Insurance will use a blockchain platform co-developed with local telecom giant KT to establish a mobile message delivery system for its customers. “The facility will initially remit payment and cancellation notices to auto insurance clients, but the insurer intends to extend the service to all of its clients,” writes CoinTrust. “The objective is to slash mailing expenses and avoid non-delivery of vital messages.”

• South Korean Merchants Open to Accepting Digital Yuan

(By Felipe Erazo, CoinTelegraph, June 10)

South Korean merchants are open to using the digital yuan, China’s upcoming CBDC. This does present some risks, however, particularly regarding issues of privacy and surveillance.