Since cryptocurrencies are legalized in South Korea, it’s not a surprise that the country has one of the most successful crypto-trading industries in the whole world. According to Bloomberg, the South Korean currency, “The won accounted for more than 10 percent of trades in Bitcoin for much of the second half of 2017.”

The success of the cryptocurrency industry in South Korea is now even greater. KMP Health Care Seoul, located on the 10th and 11th floors of the Lotte Tower, shall be the first health-care center to offer its patients the ability to pay in digital money for the medical services. This announcement was made on June 4 this year.

The hospital offers a variety of services like outpatient treatment, stem-cell treatment, and many others.

A Unique System Built for Patients

E-wallet icons. Source:
E-wallet icons. Source:

For customers to be able to pay in cryptocurrency, they will have to join the Coingenes exchange and set up an electronic wallet there.

However, to avoid the problem of slow transactions, the only cryptocurrency that KMP is now accepting is Life Care Global Coin (LCGC). LCGC was developed by GCM, a modern firm based in Hong Kong, through cooperation with Lotte. But KMP is certainly looking forward to adding more cryptocurrency choices in the future.

The Motive Behind This Development

According to Korea’s premium business news portal, Business Korea, KMP Healthcare Seoul stated:

“We plan to continue expanding our services and technology platform to enable many people in Korea to enjoy excellent medical services and help overseas patients easily access Korean medical services”.

It added that “with the aim of introducing medical services to patients of various classes and overseas patients by utilizing the latest blockchain technology, KMP Health Care Seoul has built a system to take LCGCs […] instead of cash.”

It remains unclear how KMP will deal with the rise and fall of crypto prices, but probably the bills paid will be converted to fiat money to avoid this issue.

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