Korean catering offers crypto-payment option

Special kiosks with the ability to accept payments in virtual currencies are planned to be installed in cafes and restaurants of Korea
12 March 2018   311

South Korea largest cryptocurrency exchange is planning to launch a special service for Korean food and beverage franchises. In order to reach the customers that deal with virtual currencies, Bithumb partnered with kiosk manufacturers Tros Systems, IYU and Unos Space. The purpose - designing and installing digital currency kiosks into cafes and restaurants. With the special software for the kiosks by Bithumb, clients will be able to pay for their food with their cryptocurrency on the exchange. Potential kiosk users will be able to easily access their accounts with just the password because the machines will be equipped with Bithumb Cache - a password settlement service.

The entry into the kiosk business is meaningful to provide substantial benefits and low-cost rental services to small business owners.  We will continue to work in various industries based on Blockchain technology. We will continue to provide opportunities to provide total solutions for small businesses through our partnership.


Excerpt from Bithumb statement

In order to stimulate the adoption of the new concept, Bithumb is going to offer 2 options for the franchises: first, service packages for businesses to choose from in order to get the best match to their needs; and second, a discount of 10% for the catering companies with the intention to help this area of small business afford the product. Estimates indicate over 1 mln cryptocurrency holders in Korea suggesting a gigantic open market for food service providers have yet to set foot into.

Earlier, a similar precedent was spotted in Japan.

Government Tax Audit Successfully passed by Bithumb

South Korea’s largest cryptocurrency exchange Bithumb has been cleared of all charges connected with alleged tax evasion for 2017
08 June 2018   167

The decision to descent the accusations was declared on June 8, after the intensive audit of Bithumb’s accounting records. The exchange paid its normal tax bill of $28 million in won in the middle of April.

The Tax Service has conducted a review of the accounting records of the years from the 2014 to 2017 business years. Bithumb has paid the appropriate fees and taxes without objection. Although a very large tax amount was imposed, it does not mean that there was any implication of tax evasion from the exchange. No charges of tax evasion have been or will be pressed against the exchange at this time.
The Official,
National Tax Service, South Korea

Bithumb claimed about a net profit of 427.2KRW for the year 2017, a 171-fold rise from its benefit of 2.5 billion KRW in 2016. As reported, the audit started in January of this year, when the South Korean National Tax Service located several agents from its Seoul office at Bithumb’s headquarters. Within the next 3 months the officials collected data demanding the income that the exchange was gaining from trading commissions. The profits from virtual currency dividend was also recorded.

Bithumb has affirmed that they had not been reported about the results of the investigation prior to the public announcement; the National Tax Service made contradictory statements. TheNews.Asia in their report underlined that the smooth passage of the audit “highlights an increased trust and stability in the Korean cryptocurrency market.”