Digital ID Testing in Nine Regions
Modernizing a national ID system that has existed for almost 60 years, South Korea has started testing a blockchain-secured digital identity system. Nine regions are participating in this trial, including the counties of Geochang and Yeongnam, as well as the towns of Sejong and Yeosu. Residents in these locations who are 17 years of age or older can use the system.
Making the Switch from Paper to Digital IDs
To satisfy contemporary needs, the nation’s 1968-established national ID card system is being digitalized. In 2021, South Korea had already implemented three digital identification systems: an overseas ID card, a veterans’ registration card, and a mobile driver’s license. This digitization is further expanded by the most recent endeavor.
Growth of Digital IDs Worldwide and Cybersecurity Issues
Cybersecurity issues are still a major worry as governments around the world implement digital IDs to expedite services. These IDs are a prime target for cyberattacks since they are connected to many facets of daily life. In response, South Korea is strengthening the security of its digital IDs by leveraging blockchain technology and cutting-edge encryption. Previous government apps have used local blockchain networks, such as ICON, for minor activities, albeit the precise blockchain platform has not been revealed.
Digital Foreign National Residence Cards
Plans to provide foreign nationals with blockchain-secured digital residence cards were revealed by the Ministry of Interior and Safety. Access to both public and private services will be possible with these cards, which will have the same legal status as actual identification. To incorporate these IDs into fintech systems, the government is working with regional banks. For onboarding, foreign nationals whose residency permits were granted prior to January 1, 2025, must go to immigration offices. However, 2024 cards have chips that allow digital identification establishment with a mobile application.
South Korea Joins the Global Digital ID Movement
There are other countries working to digital identity systems besides South Korea. A unified digital ID is a crucial part of Qatar’s recently announced national digital authentication policy. Over 15 million Afghans have enrolled in the e-Tazkiras digital ID system, which has witnessed rapid growth. With World Bank help, Nigeria likewise wants to have 100% of its population using digital IDs by 2026.
The former prime minister of Thailand supports the legalization of digital assets.
Shinawatra Advocates for Changes to Policies
Former Thai Prime Minister Thaksin Shinawatra is pleading with the government to legalize online gambling and digital assets. His remarks came after new laws loosening gambling regulations were passed. Thailand’s gambling sector is still worth billions of dollars despite the prohibitions.
An Argument in Favor of Legalizing Digital Assets
According to Shinawatra, the government ought to take a more progressive approach to digital assets, similar to what it has started to do with gaming. Legalizing digital asset payments in popular tourist destinations like Phuket and allowing spot exchange-traded funds (ETFs) for digital assets are two recent ideas.
Thailand’s Place in the World Digital Economy
Shinawatra predicts that the importance of digital assets will only increase globally, particularly in light of political changes around the world. He said that a low-risk method of incorporating digital currencies into the system would be to legalize stablecoins, or cryptocurrencies backed by assets.
Thailand’s CBDC Leadership
When it comes to the creation of central bank digital currency (CBDC), Thailand is already in the forefront. It is one of the original participants in the mBridge pilot, a regional CBDC project that involves China, Hong Kong, and the United Arab Emirates. The goal of this initiative is to make cross-border payments quicker and less expensive.
