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Seoul to allow for delivery service of foreign currencies, launch drone taxis

By
Kim Yi-hyun, UPI News Korea
Finance Minister Hong Nam-ki speaks during a meeting of economy-related ministers on Thursday. The South Korean government plans to allow the delivery service of foreign currencies later this year to deal with the COVID-19 pandemic. Photo courtesy of the Finance Ministry
Finance Minister Hong Nam-ki speaks during a meeting of economy-related ministers on Thursday. The South Korean government plans to allow the delivery service of foreign currencies later this year to deal with the COVID-19 pandemic. Photo courtesy of the Finance Ministry

SEOUL, June 5 (UPI) -- The South Korean government said Thursday that it plans to allow for delivery service of foreign currencies to reduce face-to-face contact amid the coronavirus threats.

After finishing a meeting of economy-related ministries, the government also disclosed its goal of commercially launching drone taxis in Seoul and its vicinity by 2025.

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"We will speed up competition between foreign exchange service providers while scrapping regulatory uncertainty about new services," Finance Minister Hong Nam-ki was quoted as saying during the meeting.

Under the new rules, banks would be permitted to deliver foreign currencies to customers through delivery services or other transportation methods.

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From the perspective of consumers, they don't have to visit banks because they can request the conversion via a mobile application at home.

But the maximum amount will be set at $2,000 per exchange. Hong expected the new system to be introduced in the second half of this year.

With regard to the airborne taxis, the Seoul administration strives to offer the necessary infrastructure and the licensing system so that the private sector can invest in the new areas.

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The so-called urban air mobility (UAM) services are expected to enable passengers to move from Incheon International Airport to central Seoul in just 20 minutes.

It takes around an hour to move via traditional transportation like the bus, the subway, or a terrestrial taxi.

A host of companies have competed to build drone taxis, including Hyundai Motor, South Korea's largest automaker.

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During the Consumer Electronics Show in Las Vegas early this year, it unveiled its first concept S-A1 personal air vehicle concept equipped with electric vertical takeoff and landing.

The device was designed to carry five people, including a pilot.

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