THELOGICALINDIAN - South Korean banks are added break themselves from bitcoin afterward the governments emergency adjustment which bans them from absolute captivation in cryptocurrencyrelated activities Shinhan Bank and KB Kookmin Bank accept appear that they are alternate their credibility for bitcoin barter casework in January
Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions
Major Banks Move Away From Bitcoin
Two above Korean banks appear this anniversary that they are alternate their “credit agenda credibility for bitcoin swap” services, Korea Biz Wire reported. Shinhan Bank will abandon its account on January 15 and KB Kookmin Bank on January 22. The account aperture explained that currently:
Banks’ Rewards Systems Explained
Shinhan Bank’s rewards system, alleged the Shinhan Fan Club, allows barter to aggregate and absorb credibility accumulated on their Shinhan acclaim cards. Points are becoming back the cards are acclimated for casework at seven Shinhan affiliates: Shinhan Bank, Shinhan Card, Shinhan Financial Investment, Shinhan Life, Shinhan Capital, Jeju Bank, and Shinhan Savings Bank.
KB Kookmin Bank has a agnate rewards system. Its service, alleged Liiv Mate, allows barter to aggregate and absorb credibility on the bank’s acclaim cards.
Points accrue back barter use KB Kookmin acclaim cards at KB Kookmin Bank, KB Insurance, KB Kookmin Card, KB Investment & Securities, KB Life Insurance, KB Capital, and KB Savings Bank. “Customers can acquire accolade credibility with their affairs at those seven companies and use their credibility like banknote at shops associated with KB Kookmin Card,” Korea Times noted.
The two banks partnered with Coinplug to acquiesce their acclaim agenda credibility to be adored for bitcoin.
Regulation Drives Korean Banks Out of Crypto Space
When the government announced its emergency measures for cryptocurrency adjustment beforehand this month, Choi Hong-sik, the governor of the Korean Financial Supervisory Service, was quoted by Yonhap saying:
Ever back Choi “expressed the government’s ambition to ban banking casework firms from anon ambidextrous or ambience up boutique in the cryptocurrency market, banks accept one by one apoplectic their cryptocurrency-related offerings,” Korea Biz Wire added.
Most above banks accept already chock-full arising basic coffer accounts to cryptocurrency exchanges, as previously reported by news.Bitcoin.com. Basic accounts are needed for trading cryptocurrencies in Korea.
In September, a account that accustomed the acquirement of cryptocurrencies application acclaim cards at the country’s arch bitcoin barter Bithumb was shut down, two months afterwards it launched. At the time the country’s banking authorities acicular out that “the account could be exploited by abyss application affected acclaim cards,” the account aperture conveyed.
Do you anticipate banks break themselves from cryptocurrencies will accept a huge appulse on the Korean crypto markets? Let us apperceive in the comments area below.
Images address of Shutterstock, Shinhan Bank, KB Kookmin Bank.
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