60 Cryptocurrency Exchanges in South Korea to Shut Down All or Some Services This Week – Regulation Bitcoin News
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Woori Bank joins digital asset custody market
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Banks stepping up blockchain investments amid crypto boom
Posted : 2021-05-04 16:20
By Lee Min-hyung
Korea s commercial banks are expanding their use of blockchain technologies that underpin cryptocurrencies amid surging demand for digital asset transactions.
Major lenders here remain wary of jumping directly into the cryptocurrency market, as they may lose more than they gain if caught in even a minor security issue surrounding virtual asset transactions.
But they are moving to keep a closer watch on the market by signing partnerships with blockchain tech companies and enhancing research and development capabilities in the area of blockchain and digital transaction securities.
South Korea’s Shinhan Bank trials new digital currency platform Business
One of South Korea’s leading commercial banks is to pilot a new platform for a digital won, after working on the project in collaboration with LG subsidiary LG CNS.
Shinhan Bank is now hoping to collaborate with the country’s central bank with the blockchain-powered platform, in order to assist with the development and rollout of a central bank digital currency in South Korea.
The platform allows for the central bank to issue digital currency, while holding up commercial banks like Shinhan as intermediaries in the system. Emphasising the importance of the role banks would need to play as intermediaries, Shinhan said it would be necessary for the commercial banking sector to be involved.