Crypto
The Implications of Growing Cryptocurrency Acceptance for Major Retailers and Companies
Major merchants
and businesses are now accepting digital currencies as a genuine payment
option, demonstrating how quickly cryptocurrencies have acquired recognition as
a payment mechanism. This change will have a big impact on how business will
operate in the future and how widely cryptocurrency will be used.
This article
examines the effects of big businesses and stores accepting cryptocurrencies
more and more. We can better comprehend how cryptocurrencies are changing the
traditional payment landscape by looking at the advantages, difficulties, and
potential repercussions of this development.
The Acceptance
of Cryptocurrencies is Growing
Major merchants
and businesses have dramatically increased their use of cryptocurrency as a
payment mechanism in recent years. This rising tendency is attributed to a
number of factors:
- Customer
Base Expansion: By accepting cryptocurrencies, businesses can reach a new
market of tech-savvy customers and cryptocurrency aficionados. Retailers and
businesses may draw in and serve this niche market by providing cryptocurrency
payment choices. - Cryptocurrencies
enable cross-border transactions without the use of intermediaries or currency
conversions because to their global reach and borderless nature. With the help of
this benefit, firms can broaden their client base and simplify cross-border
transactions. - Lower
Transaction Fees: When compared to more established payment options like credit
cards, cryptocurrency transactions frequently have lower transaction fees.
Businesses can cut processing costs by accepting cryptocurrency, particularly
for high-value transactions. - Greater
Security and Privacy: Compared to conventional payment systems,
cryptocurrencies offer greater security and privacy thanks to their use of
strong encryption and decentralized technologies. This may allay worries about
fraud and data breaches and increase customer confidence.
Advantages for
Businesses and Retailers
Retailers and
businesses profit from cryptocurrency’ expanding acceptability in a number of
ways:
- Sales
and revenue growth: By providing bitcoin payment options, you can draw in new
clients who favor digital currencies. In addition, businesses may access
worldwide markets thanks to cryptocurrencies’ widespread use, growing their
clientele and creating new revenue streams. - Faster
Transactions: By enabling almost immediate transactions, cryptocurrency
payments do away with the delays sometimes associated with conventional payment
systems. This effectiveness can improve customer happiness and loyalty by
enhancing the total customer experience. - Reduced
Fraud and Chargebacks: Because cryptocurrencies use immutable blockchain
technology, the risk of fraud and chargebacks is substantially lower.
Businesses can save money and time by avoiding the expenses and administrative
hassle of handling and resolving fraudulent transactions. - Retailers
and businesses who accept cryptocurrency are seen as innovative and
forward-thinking, which helps them stand out from the competition. Tech-savvy
customers looking for cutting-edge and current shopping experiences are drawn
to them since it distinguishes them from rivals and strengthens their brand
image.
Challenges and
Things to Think About
Although
accepting cryptocurrency has many advantages, it is not without difficulties.
Think about the following elements:
- Price
Volatility: The price volatility of cryptocurrencies is well-known and can be
problematic for businesses. Businesses that accept cryptocurrencies must
carefully manage their exposure to market volatility and take precautions to
reduce risks, such as considering quick conversion to fiat currency. - Environment
of Regulation: The regulatory framework for cryptocurrencies differs across
nations and is continually developing. In particular, Know Your Customer (KYC)
and Anti-Money Laundering (AML) legislation force retailers and businesses to
manage legal requirements and assure compliance. - echnology
Infrastructure: The right technology infrastructure is needed to integrate
bitcoin payment systems. To ensure smooth transactions, retailers and
businesses need to invest in dependable payment gateways, backend
infrastructure, and secure cryptocurrency wallets. - Customer
Education and Support: Since the use of cryptocurrencies is still in its early
stages, many customers might not be familiar with how to make payments using
them. Customers need to be informed about bitcoin payments, and businesses need
to offer specialized support for any questions or concerns.
Future Payments
Using Cryptocurrencies
The future of
cryptocurrency payments is bright as big businesses and merchants continue to
accept cryptocurrencies as a form of payment. The following are some potential
results and patterns to look out for:
- More
widespread usage is probably to come as a result of the increasing acceptance
of cryptocurrencies by big enterprises and merchants. Customers will have more
opportunity to use virtual currencies in regular transactions as more companies
start to accept them. - Interaction
with Traditional Payment Systems: There may be more interaction between
cryptocurrency payment systems and conventional payment infrastructure in the
future to enable seamless transactions. Customers might be able to utilize
cryptocurrencies in addition to fiat currencies as a result, making payments
more flexible and convenient. - Stablecoin
Integration: Stablecoins, or digital currencies backed by stable assets like
fiat money, may have a big impact on how widely people accept cryptocurrencies.
Because stablecoins have stable prices, they are better suited for regular
transactions. Stablecoin integration into payment systems may help to close the
divide between conventional and digital currencies. - Collaboration
with Payment Service firms: Payment service firms have already begun to handle
bitcoin transactions, including PayPal and Square. Additional cooperation
between these service providers and significant merchants or businesses could
speed up the acceptance of cryptocurrencies and increase their usability by a
larger user base. - Central
Bank Digital Currencies (CBDCs): As central banks investigate the creation of
CBDCs, their integration with current payment infrastructure may open the door
to frictionless exchanges between cryptocurrencies and fiat money. - Regulatory
Clarity: Cryptocurrency regulatory frameworks are continuously developing. By
encouraging governments and regulatory agencies to give clearer norms and
restrictions, increased acceptance by big merchants and businesses may help to
increase public confidence in bitcoin payments.
Embracing
CBDCs: Mitigating Volatility Risks for Merchants
The rise of
cryptocurrencies has brought exciting possibilities for digital transactions,
but their inherent volatility poses significant challenges for merchants. To
address this issue, merchants should consider supporting Central Bank Digital
Currencies (CBDCs) as a more stable and reliable form of digital payment.
Stability and Reduced Volatility:
Cryptocurrencies are known for their price
volatility, which presents risks for merchants. CBDCs, on the other hand, are
backed by central banks and maintain a stable value tied to the national
currency. By accepting CBDCs, merchants can avoid the uncertainties associated
with crypto’s price fluctuations. This stability allows for more accurate
pricing, eliminates the need for frequent price adjustments, and provides a
consistent value for goods and services.
Trust and Regulatory Compliance:
Cryptocurrencies operate outside
traditional financial systems and lack regulatory oversight, raising concerns
about security, money laundering, and illicit activities. CBDCs, however, are
issued and regulated by central banks, offering a level of trust and compliance
with existing financial regulations. Merchants can benefit from this trust
factor by accepting CBDCs, as it reassures customers that their transactions
are backed by reputable financial institutions, reducing fraud risks and
ensuring compliance with Know Your Customer (KYC) and Anti-Money Laundering
(AML) regulations.
Ease of Use and Interoperability:
Cryptocurrencies often require additional
steps for users to convert them into traditional currencies, making the payment
process cumbersome. CBDCs, on the other hand, can seamlessly integrate with
existing payment infrastructures, providing a familiar and convenient payment
experience for both merchants and customers. CBDCs can be easily used through
mobile wallets, payment apps, or even contactless payment cards, streamlining
the transaction process and encouraging wider adoption among merchants and
consumers.
Cost-Effectiveness and Transaction
Efficiency:
Cryptocurrency transactions can be
associated with high transaction fees and lengthy settlement times, leading to
financial burdens and operational inefficiencies for merchants. CBDCs, designed
with efficiency in mind, offer cost-effective and swift transactions. Merchants
can benefit from reduced transaction costs and faster settlement times,
enabling more streamlined cash flow management, quicker reconciliation, and
improved overall financial operations.
Consumer Adoption and Market Expansion:
Cryptocurrencies are still relatively niche
and may have limited adoption among consumers due to their volatility and
complexity. By embracing CBDCs, merchants align themselves with widely
recognized and accepted payment instruments, enhancing consumer confidence and
encouraging broader adoption of digital payments. CBDCs have the potential to
bring new customers into the digital payment ecosystem, expanding the market
for merchants and driving overall economic growth.
Conclusion
Major merchants
and businesses are increasingly accepting cryptocurrency as a form of payment,
signaling a big change from the past. Cryptocurrencies are a desirable option
for businesses due to the advantages of higher sales, quicker transactions,
decreased fraud, and improved innovation. But there are issues that must be
resolved, including price volatility, regulatory issues, and the requirement
for a strong technology foundation. Future prospects for cryptocurrencies
include widespread adoption, integration with established payment systems, and
the creation of stablecoins and CBDCs as they continue to gain recognition.
Businesses and consumers may anticipate more flexible, safe, and convenient
payment choices as the bitcoin payment ecosystem develops.
Major merchants
and businesses are now accepting digital currencies as a genuine payment
option, demonstrating how quickly cryptocurrencies have acquired recognition as
a payment mechanism. This change will have a big impact on how business will
operate in the future and how widely cryptocurrency will be used.
This article
examines the effects of big businesses and stores accepting cryptocurrencies
more and more. We can better comprehend how cryptocurrencies are changing the
traditional payment landscape by looking at the advantages, difficulties, and
potential repercussions of this development.
The Acceptance
of Cryptocurrencies is Growing
Major merchants
and businesses have dramatically increased their use of cryptocurrency as a
payment mechanism in recent years. This rising tendency is attributed to a
number of factors:
- Customer
Base Expansion: By accepting cryptocurrencies, businesses can reach a new
market of tech-savvy customers and cryptocurrency aficionados. Retailers and
businesses may draw in and serve this niche market by providing cryptocurrency
payment choices. - Cryptocurrencies
enable cross-border transactions without the use of intermediaries or currency
conversions because to their global reach and borderless nature. With the help of
this benefit, firms can broaden their client base and simplify cross-border
transactions. - Lower
Transaction Fees: When compared to more established payment options like credit
cards, cryptocurrency transactions frequently have lower transaction fees.
Businesses can cut processing costs by accepting cryptocurrency, particularly
for high-value transactions. - Greater
Security and Privacy: Compared to conventional payment systems,
cryptocurrencies offer greater security and privacy thanks to their use of
strong encryption and decentralized technologies. This may allay worries about
fraud and data breaches and increase customer confidence.
Advantages for
Businesses and Retailers
Retailers and
businesses profit from cryptocurrency’ expanding acceptability in a number of
ways:
- Sales
and revenue growth: By providing bitcoin payment options, you can draw in new
clients who favor digital currencies. In addition, businesses may access
worldwide markets thanks to cryptocurrencies’ widespread use, growing their
clientele and creating new revenue streams. - Faster
Transactions: By enabling almost immediate transactions, cryptocurrency
payments do away with the delays sometimes associated with conventional payment
systems. This effectiveness can improve customer happiness and loyalty by
enhancing the total customer experience. - Reduced
Fraud and Chargebacks: Because cryptocurrencies use immutable blockchain
technology, the risk of fraud and chargebacks is substantially lower.
Businesses can save money and time by avoiding the expenses and administrative
hassle of handling and resolving fraudulent transactions. - Retailers
and businesses who accept cryptocurrency are seen as innovative and
forward-thinking, which helps them stand out from the competition. Tech-savvy
customers looking for cutting-edge and current shopping experiences are drawn
to them since it distinguishes them from rivals and strengthens their brand
image.
Challenges and
Things to Think About
Although
accepting cryptocurrency has many advantages, it is not without difficulties.
Think about the following elements:
- Price
Volatility: The price volatility of cryptocurrencies is well-known and can be
problematic for businesses. Businesses that accept cryptocurrencies must
carefully manage their exposure to market volatility and take precautions to
reduce risks, such as considering quick conversion to fiat currency. - Environment
of Regulation: The regulatory framework for cryptocurrencies differs across
nations and is continually developing. In particular, Know Your Customer (KYC)
and Anti-Money Laundering (AML) legislation force retailers and businesses to
manage legal requirements and assure compliance. - echnology
Infrastructure: The right technology infrastructure is needed to integrate
bitcoin payment systems. To ensure smooth transactions, retailers and
businesses need to invest in dependable payment gateways, backend
infrastructure, and secure cryptocurrency wallets. - Customer
Education and Support: Since the use of cryptocurrencies is still in its early
stages, many customers might not be familiar with how to make payments using
them. Customers need to be informed about bitcoin payments, and businesses need
to offer specialized support for any questions or concerns.
Future Payments
Using Cryptocurrencies
The future of
cryptocurrency payments is bright as big businesses and merchants continue to
accept cryptocurrencies as a form of payment. The following are some potential
results and patterns to look out for:
- More
widespread usage is probably to come as a result of the increasing acceptance
of cryptocurrencies by big enterprises and merchants. Customers will have more
opportunity to use virtual currencies in regular transactions as more companies
start to accept them. - Interaction
with Traditional Payment Systems: There may be more interaction between
cryptocurrency payment systems and conventional payment infrastructure in the
future to enable seamless transactions. Customers might be able to utilize
cryptocurrencies in addition to fiat currencies as a result, making payments
more flexible and convenient. - Stablecoin
Integration: Stablecoins, or digital currencies backed by stable assets like
fiat money, may have a big impact on how widely people accept cryptocurrencies.
Because stablecoins have stable prices, they are better suited for regular
transactions. Stablecoin integration into payment systems may help to close the
divide between conventional and digital currencies. - Collaboration
with Payment Service firms: Payment service firms have already begun to handle
bitcoin transactions, including PayPal and Square. Additional cooperation
between these service providers and significant merchants or businesses could
speed up the acceptance of cryptocurrencies and increase their usability by a
larger user base. - Central
Bank Digital Currencies (CBDCs): As central banks investigate the creation of
CBDCs, their integration with current payment infrastructure may open the door
to frictionless exchanges between cryptocurrencies and fiat money. - Regulatory
Clarity: Cryptocurrency regulatory frameworks are continuously developing. By
encouraging governments and regulatory agencies to give clearer norms and
restrictions, increased acceptance by big merchants and businesses may help to
increase public confidence in bitcoin payments.
Embracing
CBDCs: Mitigating Volatility Risks for Merchants
The rise of
cryptocurrencies has brought exciting possibilities for digital transactions,
but their inherent volatility poses significant challenges for merchants. To
address this issue, merchants should consider supporting Central Bank Digital
Currencies (CBDCs) as a more stable and reliable form of digital payment.
Stability and Reduced Volatility:
Cryptocurrencies are known for their price
volatility, which presents risks for merchants. CBDCs, on the other hand, are
backed by central banks and maintain a stable value tied to the national
currency. By accepting CBDCs, merchants can avoid the uncertainties associated
with crypto’s price fluctuations. This stability allows for more accurate
pricing, eliminates the need for frequent price adjustments, and provides a
consistent value for goods and services.
Trust and Regulatory Compliance:
Cryptocurrencies operate outside
traditional financial systems and lack regulatory oversight, raising concerns
about security, money laundering, and illicit activities. CBDCs, however, are
issued and regulated by central banks, offering a level of trust and compliance
with existing financial regulations. Merchants can benefit from this trust
factor by accepting CBDCs, as it reassures customers that their transactions
are backed by reputable financial institutions, reducing fraud risks and
ensuring compliance with Know Your Customer (KYC) and Anti-Money Laundering
(AML) regulations.
Ease of Use and Interoperability:
Cryptocurrencies often require additional
steps for users to convert them into traditional currencies, making the payment
process cumbersome. CBDCs, on the other hand, can seamlessly integrate with
existing payment infrastructures, providing a familiar and convenient payment
experience for both merchants and customers. CBDCs can be easily used through
mobile wallets, payment apps, or even contactless payment cards, streamlining
the transaction process and encouraging wider adoption among merchants and
consumers.
Cost-Effectiveness and Transaction
Efficiency:
Cryptocurrency transactions can be
associated with high transaction fees and lengthy settlement times, leading to
financial burdens and operational inefficiencies for merchants. CBDCs, designed
with efficiency in mind, offer cost-effective and swift transactions. Merchants
can benefit from reduced transaction costs and faster settlement times,
enabling more streamlined cash flow management, quicker reconciliation, and
improved overall financial operations.
Consumer Adoption and Market Expansion:
Cryptocurrencies are still relatively niche
and may have limited adoption among consumers due to their volatility and
complexity. By embracing CBDCs, merchants align themselves with widely
recognized and accepted payment instruments, enhancing consumer confidence and
encouraging broader adoption of digital payments. CBDCs have the potential to
bring new customers into the digital payment ecosystem, expanding the market
for merchants and driving overall economic growth.
Conclusion
Major merchants
and businesses are increasingly accepting cryptocurrency as a form of payment,
signaling a big change from the past. Cryptocurrencies are a desirable option
for businesses due to the advantages of higher sales, quicker transactions,
decreased fraud, and improved innovation. But there are issues that must be
resolved, including price volatility, regulatory issues, and the requirement
for a strong technology foundation. Future prospects for cryptocurrencies
include widespread adoption, integration with established payment systems, and
the creation of stablecoins and CBDCs as they continue to gain recognition.
Businesses and consumers may anticipate more flexible, safe, and convenient
payment choices as the bitcoin payment ecosystem develops.
Crypto
Blockchain Revolution: How Cryptocurrency is Transforming Global Logistics – theafricalogistics.com
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The global logistics industry is undergoing a seismic shift, driven by the integration of blockchain technology and cryptocurrency.
These innovations promise to enhance transparency, efficiency, and security across the supply chain. From tracking shipments to streamlining cross-border payments, the synergy between blockchain and cryptocurrency is setting new benchmarks for the logistics sector.
1. Blockchain’s Role in Logistics
Blockchain technology, essentially a decentralized ledger system, enables secure and transparent recording of transactions. For logistics, this translates into the ability to track goods in real-time, authenticate the origin of products, and mitigate fraud. Key benefits include:
- Enhanced Traceability: Every transaction, from the manufacturing stage to delivery, is recorded on an immutable ledger. This ensures that stakeholders have a comprehensive view of the supply chain.
- Reduced Paperwork: By digitizing documents such as bills of lading and certificates of origin, blockchain eliminates the inefficiencies of manual processes.
- Improved Trust: Smart contracts, self-executing agreements coded on the blockchain, reduce disputes and enhance trust between parties.
2. Cryptocurrency in Cross-Border Transactions
Traditional cross-border payments in logistics are often marred by high fees, long processing times, and currency exchange risks. Cryptocurrencies, like Bitcoin and stablecoins, are addressing these challenges by:
- Lowering Transaction Costs: Cryptocurrency transactions bypass intermediaries, significantly reducing fees.
- Speeding Up Payments: Transactions settle in minutes, eliminating delays common with traditional banking systems.
- Enhancing Financial Inclusion: For businesses in emerging markets, cryptocurrencies provide access to global trade without reliance on conventional banking infrastructure.
3. Use Cases Transforming the Sector
Several real-world applications highlight the impact of blockchain and cryptocurrency in logistics:
- Walmart’s Blockchain Initiative: Walmart leverages blockchain to track the origin of produce, ensuring food safety and traceability within its supply chain.
- Maersk’s TradeLens Platform: Developed in collaboration with IBM, TradeLens uses blockchain to digitize and streamline global shipping documentation, reducing inefficiencies.
- Cryptocurrency-Powered Freight Payments: Startups like Slync.io enable shippers to pay carriers using digital currencies, enhancing payment speed and reliability.
4. Challenges to Adoption
Despite its potential, the adoption of blockchain and cryptocurrency in logistics is not without hurdles:
- Regulatory Ambiguities: The legal status of cryptocurrencies varies across countries, complicating implementation.
- Scalability Concerns: Processing thousands of transactions per second remains a challenge for blockchain networks.
- Skill Gaps: The logistics workforce often lacks the technical expertise to deploy and manage blockchain systems.
5. The Road Ahead
The integration of blockchain and cryptocurrency in logistics is still in its nascent stages but holds immense promise.
Industry players are investing in pilot projects to explore scalability and operational viability. The convergence of these technologies with artificial intelligence and IoT will further revolutionize the sector, enabling predictive analytics, autonomous supply chains, and more.
Conclusion
Blockchain and cryptocurrency are not just buzzwords but transformative tools reshaping the logistics landscape.
By fostering transparency, reducing costs, and expediting processes, these technologies are addressing long-standing inefficiencies in the supply chain.
As adoption accelerates, businesses that embrace this revolution stand to gain a significant competitive edge in an increasingly digital and globalized economy.
Also Read
How cryptocurrency works: A step by step guide
Exploring the potential use cases of Pi Coins post-launch
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Crypto
My Top Cryptocurrency to Buy Right Now (Hint: It's Not Bitcoin) | The Motley Fool
The performance of Bitcoin (BTC -0.53%) this year has been nothing short of extraordinary. It’s now up about 46% since the election on Nov. 5, and 146% year to date. Best of all, Bitcoin recently broke through the $100,000 price level to hit another all-time high just north of $108,000.
But what if I told you that there is another top cryptocurrency that is up more than 120% since the election, and 430% year to date? And that this cryptocurrency also just set a new all-time high? That cryptocurrency is Sui (SUI -3.69%), which now ranks 14th among all cryptocurrencies with a $13 billion market cap.
What is Sui and why haven’t I heard of it before?
If you’ve never heard of Sui, that’s understandable. The cryptocurrency only launched in May 2023, just as the market was emerging from the crypto winter of 2022. So, in many ways, its launch flew under the radar of investors. There were bigger issues to consider. The industry was still coping with the aftermath of the collapse and scandal of crypto exchange FTX in November 2022, and nobody was very interested in hearing about another new cryptocurrency launch.
But fast-forward to August 2024. That’s when 21Shares — the company that partnered with Cathie Wood’s Ark Invest on the launch of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum (ETH -0.79%) — released a research report on Sui, detailing all of its unique characteristics. For example, it described how a new technical upgrade suddenly made Sui faster than any other top blockchain by a substantial margin. It pointed out how Sui was rapidly growing in terms of total value locked (TVL), which is a key metric showing the relative strength of a particular blockchain.
The title of the report (“Is Sui a Solana (SOL -0.00%) Killer?”) was very provocative, at least for crypto investors. It suggested that Sui had the technological chops to take on Solana, which now ranks as the fifth-largest cryptocurrency. For several years now, Solana has been positioned as the next Ethereum, so Sui being tabbed as a potential Solana killer is a big deal. In fact, 21Shares suggested that there might be a $68 billion market opportunity for Sui if it was able to take on Solana and win.
How high can Sui go in 2025?
My primary concern right now with Sui is that it may be overheating. Just like Bitcoin, it is smashing through all-time high after all-time high. Right now, Sui is trading at about $4.50 after briefly testing the $5 price level. From the perspective of crypto traders, $5 presents the same psychological price barrier for Sui that $100,000 did for Bitcoin. It took Bitcoin a while to break through the $100,000 level, so Sui may not be able to break through the $5 price level by the end of this year.
But, in 2025, watch out. Just take a look at this comparison chart of Bitcoin and Sui since the presidential election. That leads me to think that the market is very bullish on Sui’s prospects under the Trump administration.
Moreover, consider the trading volume that Sui is now seeing on Coinbase Global (COIN 1.75%). Sui has become one of the 10 most popular cryptocurrencies on the platform in terms of 24-hour trading activity. Granted, the trading volume in Sui is nowhere near that of Bitcoin or Ethereum. But there’s more activity in Sui than in popular cryptocurrencies such as Chainlink, Litecoin, Cardano, Shiba Inu, and Avalanche.
Best of all, Sui has a major new product launch coming in 2025. It’s a $599 handheld gaming device that is currently available for pre-order online. If that product launch is a success, then it could be off to the races for Sui. It could easily double in price to hit the $10 price level.
This cryptocurrency could soar even higher if it ever realizes its full potential as the next Ethereum. Imagine if you had invested in Ethereum just 18 months after its launch. Most likely, you’d be a crypto millionaire by now. In December 2016, Ethereum was trading around $5, which is roughly where Sui is trading right now. Today, Ethereum trades for about $3,400.
That said, I can’t emphasize enough how speculative Sui is. It is still a baby in crypto terms. It has only been around for 18 months, and it can be difficult to get good data and reliable information about it. So, do your due diligence before investing in Sui, and keep your expectations in check. An investment opportunity like Ethereum might only come around once in a lifetime, so it’s asking a lot for it to happen with Sui as well.
Dominic Basulto has positions in Bitcoin, Ethereum, SUI, and Solana. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Ethereum, SUI, and Solana. The Motley Fool has a disclosure policy.
Crypto
S. Korea, US conducting joint research to block NK cryptocurrency heists
South Korea and the United States are conducting joint research to strengthen protection against cryptocurrency heist attempts amid growing concerns of such attacks by North Korea-linked hackers, officials said Sunday.
Based on a recently signed technical annex between the South Korean government and the U.S. Department of Homeland Security, the two sides will jointly develop technologies to prevent cryptocurrency-targeted attacks and to track stolen assets, according to authorities and cybersecurity industry officials.
The science ministry plans to support such research through the Institute of Information & Communications Technology Planning & Evaluation until 2026.
The move comes as the price of bitcoin recently surged to $100,000 after the U.S. presidential election last month, raising concerns of increased attempts by hackers to steal virtual assets.
While the United States collaborates with other countries for cybersecurity research, it is known to have chosen South Korea for research on digital asset tracking technology as North Korea is seen as a key culprit behind cryptocurrency heists.
Under the program, South Korean and U.S. researchers, including those from Korea University and the RAND research institute, will focus on technologies to prevent and track hackers when they steal assets from a cryptocurrency exchange.
They will also focus on understanding how they convert or launder other financial assets they obtain into virtual assets through illegal ransomeware or other methods.
North Korea is known as a major player in cryptocurrency heists, with hackers linked to the country estimated to have stolen $1.34 billion worth of cryptocurrency across 47 incidents this year, according to Chainalysis, a blockchain analysis firm. (Yonhap)
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