The company behind OK Cashbag, the oldest and most popular mileage point program in South Korea, is mulling a plan to convert cash points accumulated by its users into cryptocurrency.
In an interview with CoinDesk Korea, SK Planet said a plan to introduce a blockchain system to tokenize cash points has been shared with the company’s top-level management in an effort to operate the service more securely.
Since one point equals to one Korean won at the moment, the company said the plan, if it comes through, will also convert points into a stable coin, such as the U.S. dollar-pegged tether cryptocurrency.
They can also exchange points for cash if they earn more than 50,000 points.
According to the report, OK Cashback’s cash point system is currently categorized as “prepaid electronic payment means.”
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