Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk and improve transaction efficiency by facilitating direct currency transactions between the two nations, bypassing the need for…
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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________… Read More: Today in Crypto: Shinhan Bank Tests Stablecoin Payments on Hedera Network, Marathon Shareholders File Lawsuit Against CEO & Top Execs, Cronos Partners with Ubisoft Read more »Sign up for e-EUR –…
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South Korean financial regulators are looking into the massive amount of foreign remittances of cash that came from crypto exchanges. South Korean banks are being investigated for their role in facilitating $6.5 billion in suspicious overseas remittances which have been tied to companies arbitraging cryptocurrency. According to an Aug. 15 report from Asia Times, the…
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South Korean banks could find themselves in the firing line after the government, media outlets, and regulators stepped up the scrutiny of the banks’ role in enabling kimchi premium traders to make fast money when trading volumes rise…. Read More: South Korean Banks May Be in Trouble as Regulator Probes Kimchi Premium Bitcoin ‘Irregularities’ Read…
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Shinhan Bank plans to use Hedera’s infrastructure to bolster the efficiency of many of its internal processes. Shinhan Bank, South Korea’s largest financial institution by total assets, has joined the governance council overseeing the Hedera network. In an April 14 announcement, Shinhan announced it had become the latest member of the Hedera Governing Council to…
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