Two additional banks in South Korea, "Woori and Shinhan," have publicized their intention to establish crypto-asset services. This implies that four out of the five prominent banks in Korea whose joint value is over 1.2 trillion USD in assets are ready to provide cryptocurrency services. Each of these banks intends to keep and handle digital currencies for customers.
The two banks publicized their aim in immediate reaction to the revised Special Financial Transactions Information Act. The new act that will change the law guiding the use of cryptocurrency will be implemented next year.
Around 2017, Shinhan bank announced its intention for crypto storage, but in January 2018, the government prevented this from happening.
Blockchain groups to implement crypto service features had initially been coordinated by the Kookmin bank and NH Nonghyup bank with Nonghyup planning to establish services for institutional customers in a few months.
Other nations are embracing blockchain tech quickly, but the adoption is sluggish than predicted in South Korea as there is no legislation put in place.
A blockchain expert, Park Sung-Joon proposed that in the absence of support from financial institutions, the publicity for crypto services may not lead to an extensive integration.
Other industries have been quick to integrate blockchain technology into their solutions, even though the financial sector was savaged for its sluggish adoption.
Millions of people now use the new Blockchain-powered digital driver's license application. KEB Hana, the country's biggest bank, has also joined hands with Korea Expressway Corporation to establish a toll system that would be blockchain-powered for the country's major roads.
Source: Cointelegraph
