Davinci Foundation signed MOU with Dongdaemun Fashion Town Tourism Zone Association
Davinci & Dongdaemoon Fashiontown MOU
Dongdaemoon Fashiontown
▶ The Dongdaemun Fashion Town Tourism Zone was designated by the government as a tourism special zone in 2002. It is the world’s largest fashion-related industry cluster with a combination of traditional markets and modern shopping malls. It is a one-stop system not only planning but also production and sales of clothing and high-quality jewelry, which are provided with affordable prices to fashion markets and countries around the world. Annually, more than eight million foreign tourists visit Daongdaemun Fashion Town, where opens 24 hours a day.
▶ Dongdaemun Tourism Zone plans to use Davinci coin (DAC) by building blockchain system for wholesale and retail applications. In addition, it will also allow Chinese consumers to use coin as well.
▶ Dongdaemun Tourism Zone, which has annual sales of about 30 trillion won and about 35,000 stores, is a commercial area where many foreigners visit. Application of blockchain is expected to be effective because it does not require to exchange money or withdraw cash.
▶ During the Pyeongchang Olympic Games, six franchises such as hotels, pensions, ski rental shops, and cafes in the Daegwallyeong area of Pyeongchang-gun near the Olympic Plaza have received Ethereum payment. Although, it was not long since the cryptocurrency payment is introduced, fist payment was made quickly. The payment about 100,000 won was made by Ethereum.
▶ Currently, there are more than 180 Pharmacies, restaurants, pubs, theaters, hotels in Seoul area that cryptocurrency payment is possible. Payments are mostly made with Ethereum or Bitcoin. In the future, various places will accept cryptocurrency payment. Dongdaemun Fashion Town hopes Chinese tourists to use cryptocurrency in purchase.
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