Chinese tourists visiting Japan will soon be able to use crypto currencies to make certain purchases.
A partnership between blockchain startup GATCOIN commerce giant SK Planet Japan (SKPJ) will see ‘geo-targeted crypto currencies’ issued to Chinese tourists.
“Chinese tourism is booming, with over 24 million arrivals to Japan in 2016. Bakugai, the Japanese word for Chinese ‘explosive buying’, hit over $13 billion USD last year,” said Steve Lee, CEO of SK Planet Japan. “We have an extensive network of retail stores, and getting them to spend is a strategic priority.”
The branded crypto currencies, which will be generated using ‘GATCOIN’s targeted A-DropTM technology’ will be redeemable for food, drinks, consumer products and other items available via SKPJ’s franchise partners.
“SKPJ coins can be traded in our ecosystem for GAT Coins, a publicly traded global crypto-currency” added Simon Cheong, Founder and CEO of GATCOIN. “This provides a way to monetize any retail coin issued on our platform. So, it is very much like sending tourists a bit of spending money to encourage them to walk into SKPJ’s retail outlets” Mr. Cheong adds.