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Blockchain and Crypto Money Move from South Korea’s Giant Bank

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Blockchain and Crypto Money Move from South Korea’s Giant Bank

r asset-based financial services.According to Korea Herald, the bank signed a memorandum of understanding with blockchain developer Hexlant and law firm Bae, Kim and Lee. The consortium aims to research and develop crypto exchanges.

Crypto exchanges are now on leave

The move came after a bill passed in March, focusing on the implementation of a permit system for the crypto exchanges of the South Korean National Assembly.Exchanges will need to notify the Financial Intelligence Service, along with the accounts that have been verified by commercial banks to maintain the permit.As explained by senior vice president Jang Seung-hyun, NH Bank sees this as an opportunity to enter South Korea’s cryptocurrency sector and take an important position:

“THROUGH THE CONSORTIUM, WE WILL STEP UP EFFORTS TO LEAD THE LOCAL CRYPTOCURRENCY INDUSTRY.”

Longtime blockchain fan

Participating in R3 Blockchain Consortium in December 2017 , NH Bank has long been interested in the potential of blockchain technology.Earlier this year, the bank implemented a blockchain-based mobile identification system developed by Samsung for employee IDs .However, this latest consortium marks the first direct move towards developing its own financial services in the field.

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