26 Nov '16, 7am

Korean Bank to Offer #Bitcoin Remittance Service #fintech #blockchain

One of the major areas where Bitcoin and other digital currencies can really show their advantage over traditional fiat currency is in cross border transactions. Many in the industry have long thought that this is the area where a digital currency would make its most effective impact, and with the recent announcement by one of the largest financial institutions in South Korea, Shinhan Bank, Bitcoin could indeed be making that breakthrough. Focusing on the China-Korea payment corridor, the Korean bank is set to launch a new remittance service that will use Bitcoin as its backbone. The system will move funds through Hong Kong as an intermediary due to digital currency transactions being legal there, and will go live for customers next month. The system will work by using Bitcoin as the intermediary channel, with Shinhan Bank transfer funding into digital currency at a Hong K...

Full article: https://dcebrief.com/korean-bank-to-offer-bitcoin-remitta...

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