South Korean Hospital Now Accepts Virtual Currency

Getting more businesses to accept cryptocurrency payments has been a very big challenge. So far, it seems most mainstream businesses have very little overall interest in the cryptocurrency industry. KMP Health Care Seoul, on the other hand, will offer medical services to customers who pay using cryptocurrency.

South Korea Continues to Surprise

Even though Bitcoin and other cryptocurrencies are of great importance in South Korea, they still remain somewhat of a niche payment method. That is unfortunate, though things can’t be expected to change overnight. For the time being, there are only a handful of opportunities to spend cryptocurrency in the country.

One particularly intriguing new use case involves KMP Health Care Seoul. This hospital is located in the Lotte World Tower and offers various forms of treatment including outpatient care, VIP health check-ups, and cosmetic surgery. It is a prominent location when it comes to healthcare in South Korea.

As such, it is even more impressive to see this hospital suddenly embrace cryptocurrency payments. The institution made it clear that it will begin offering medical services to customers who pay using cryptocurrency. It is a very impressive decision, although they will not accept Bitcoin or other established cryptocurrencies as of right now. Instead, they will only accept Life Care Global Coins, which can be purchased on the Coingenes exchange. This platform also helps users set up their own dedicated electronic wallets.

Once a wallet is funded with LCGC, customers can use it to pay for medical services and fees rather than rely on cash. It seems to be a small push toward turning South Korea into a cashless society, although regular cash payments will remain available for the foreseeable future.

Whether or not other Korean medical service providers will embrace virtual currency payments remains to be determined. Anything is possible at this stage, especially when considering how popular cryptocurrency has become in this part of the world. Even so, the industry also faces a fair bit of opposition from regulators, as cryptocurrencies remain of keen interest to lawmakers.