Electronic systems facilitating monetary transactions without the physical exchange of cash, enabling instantaneous or near-instantaneous value transfer across various channels.
Mechanism
These methods include credit cards, mobile payments, online banking transfers, and cryptocurrencies, all relying on digital data transmission and cryptographic security to authenticate and process transactions securely.
Methodology
System design emphasizes user experience, transaction speed, and robust security through encryption and tokenization. Blockchain-based digital payments leverage distributed ledger technology for immutable record-keeping and direct peer-to-peer value transfer, minimizing intermediaries and settlement times.
This legislative initiative in South Korea establishes a clear regulatory framework for stablecoins, enhancing their operational legitimacy and integrating them into the national payment infrastructure.
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