South Korea issues digital IDs secured by blockchain

South Korea is testing a digital id card that digitizes a system that has been used for almost six many years, with blockchain getting used to reinforce safety.

In response to native stories, the brand new digital id might be examined in 9 areas, together with the cities of Sejong and Yeosu and Geochang and Yeongnam counties. It will likely be out there to all residents in these areas aged 17 or older.

The brand new system digitizes a nationwide ID card system that has been in use since 1968. Nonetheless, in 2021, the South Korean authorities launched three new digital identification playing cards: a cell driver’s license, a veterans’ registration card and an abroad ID card.

Digital IDs have gotten more and more widespread globally as extra governments proceed to digitalize their companies. Nonetheless, cybersecurity stays a frightening problem. With id linked to just about each aspect of the residents’ day by day lives, governments should be certain that it’s adequately protected in an period the place AI is pushing cybercrime to new ranges.

In South Korea, the federal government will depend on superior encryption and blockchain know-how to reinforce safety, native stories say. It’s unclear which blockchain the federal government intends to make use of and to what extent. Beforehand, the Seoul Metropolitan Authorities constructed functions on ICON, an area blockchain community, however the functions had been restricted to smaller duties like doc issuance.

In a separate announcement, the Ministry of Inside and Security revealed that it might additionally challenge digital residence playing cards for overseas nationals residing within the nation. The brand new playing cards could have the identical authorized validity as their bodily counterparts and can be utilized to entry private and non-private companies. The ministry is working with native banks to allow digital playing cards for use for fintech companies.

The ministry added that overseas nationals whose residence playing cards had been issued earlier than January 1, 2025, should go to an immigration workplace for onboarding. Nonetheless, playing cards issued this 12 months come outfitted with an built-in circuit chip that permits holders to simply arrange their digital id on a cell app.

South Korea joins a number of different governments which can be exploring digital id to maintain up with the fast digitalization of most companies. Not too long ago, Qatar launched the ‘Nationwide Digital Authentication and Belief Companies Technique for 2024-2026,’ and a unified digital ID is one in all its pillars.

In Afghanistan, the digital ID referred to as e-Tazkiras has blown up over the previous 12 months, with greater than 15 million Afghanis now enrolled. This week, the federal government introduced that it was establishing new facilities for enrollment because the variety of candidates was off the charts. In Nigeria, the federal government has set an formidable goal of 180 million digital IDs by the top of 2026, which might be a 100% enrolment in an initiative supported by the World Financial institution.

Thailand’s former PM needs digital belongings legalized

Thaksin Shinawatra, the previous Prime Minister of Thailand, has known as on the Thai authorities to legalize digital belongings and on-line playing.

Shinawatra spoke at an occasion following the passing of a brand new draft legislation that loosens the strict restrictions on casinos. Regardless of the restrictions, hundreds of thousands of Thais have been participating in playing, with estimates exhibiting billions of {dollars} go into the business every year.

Shinawatra believes that the federal government ought to undertake an identical stance in the direction of digital belongings. Just like playing, the federal government has been stringent with the sector, though the restrictions have been diminished lately. Earlier this month, the federal government proposed legalizing digital asset funds within the vacationer space of Phuket. The securities regulator has additionally proposed legalizing digital asset spot ETFs.

Shinawatra famous that with the ascent of Donald Trump to the presidency of the U.S., digital belongings’ prominence globally will skyrocket, and he needs Thailand to place itself to learn. He known as on the SEC to think about “permitting the commerce of stablecoin, or cash which can be backed by belongings…There might be no threat, it’s simply one other forex on the planet.”

Shinawatra served because the Prime Minister of Thailand from 2001 to 2006. Whereas he has since retired from lively politics, he holds nice sway in operating the nation along with his daughter, Paetongtarn Shinawatra, the present PM.

Thailand has probably the most superior central financial institution digital forex (CBDC) programs globally. It’s additionally a founding member of the mBridge pilot, which is constructing a regional CBDC system for quicker and cheaper cross-border funds amongst members, who embrace Hong Kong, the UAE, and China.

Watch: Digital id is a core a part of Web3—right here’s why

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