As the world starts to consider alternative payment methods, banks start to pay more attention to digital assets. Four of the five largest banks in South Korea are planning to introduce cryptocurrency services on their platforms.
It was announced that the South Korean banks Woori and Shinhan intend to launch cryptocurrency services for their clients. Considering these two banks, it turns out that four of the five largest banks study the integration of innovative assets. The total worth of these banks exceeds $1.2 trillion, which means that they have a huge potential for the promotion of cryptocurrency.
Among the new options, there will be storage of crypto assets, storage of which the banks will bear responsibility. In addition, they will manage the assets for the generation of profits.
Despite the high speed, with which the banks are taking steps to integrate new technologies, there is a worry that a large amount of time has been missed. Head of the Blockchain Research Center at the University of Dongguk Pak Seong-Joong noted that he is concerned with the “competitiveness” of the financial climate in the country:
“Other countries move very quickly in this direction, and in South Korea, there is no legal system to this end, so it goes slowly.”
However, it should be noted that in just three months in South Korea, more than a million people have downloaded the application for receiving a blockchain-based drivers license.
In addition to this, Seongnam’s billing software has been enhanced to include digital shipping certificates. Also, recently, a pilot program was launched on the payment of goods and tourist services with the help of Bitcoin and Ethereum.
