Electronic Commerce Begins This July
An electronic consumer trading system is slated to be introduced in July. If all goes as planned, in the future Koreans will be able to buy products through the Internet and various stores using electronic money which will be in the form of cards with computer chips, similar to Smart Cards.The Ministry of Information and Communications, on March 3, announced that it would allow electronic money and the requisite encryption systems into the consumer marketplace.
In 1998, the total sum of electronic trade was only 50 million dollars, however it is expected to be enlarged to 3 billion by 2002.
The government is therefore rushing to realign related regulations to avoid confusion.
with the Korea JoongAng Daily
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