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The South Korean NH Bank forms the Blockchain Financial Services Consortium

June 10, 2020

South Korean NH NongHyup Bank has announced a new consortium with a local law firm and a blockchain lab joint development of financial services based on digital assets.

According to the Korea Herald, the bank signed a memorandum of understanding with law firm Bae, Kim and Lee, and blockchain developer Hexlant on June 10. The consortium intends to research and develop cryptocurrency exchanges.

Crypto exchange is allowed

This step comes after the South Korean National Assembly passed a law in March., which focused on the introduction of an authorization system for the exchange of cryptocurrencies.

The South Korean NH Bank forms the Blockchain Financial Services ConsortiumThe South Korean NH Bank forms the Blockchain Financial Services Consortium

To keep a permit Exchanges must report their business to the Financial Intelligence Unit after receiving real-name accounts verified by commercial banks.

NH Bank sees this as an opportunity to play a key role in the South Korean cryptocurrency sector. as Senior Vice President, Jang Seung-hyun said:

“Through the consortium, we will step up our efforts to take the lead in the local cryptocurrency industry.”

A longtime blockchain fanatic …

The NH Bank has long been interested in the potential of blockchain technology;; joined the R3 Blockchain Consortium in December 2017.

At the beginning of this year, a blockchain-based mobile ID system developed by Samsung was implemented for the identification of your employees.

However, The latter consortium marks the first direct intention to develop its own financial services in space.

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