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Korea’s Banks Just Learned How to Hold Your Bitcoins Without Losing Them – But Don’t Worry, They’re Not Trying to Replace the Won With a Digital Currency… Or Are

BlockchainCrypto NewsCybersecurity Linda Williams November 14, 2024

A stylized illustration of a digital wallet being securely stored within a traditional bank vault, surrounded by blockchain-inspired locks and chains, while a South Korean won bill is seen slipping into the safe beside it.

South Korea’s banking sector just got an interesting twist – literally! It seems NongHyup Bank has teamed up with Fireblocks, the digital assets platform that promises to secure your grandma’s Bitcoin stash (just kidding, it’s probably a scam). In all seriousness, this partnership might not be as exciting for crypto enthusiasts like me, but I suppose it’s an interesting development in South Korea’s push towards blockchain adoption. The real question is: what’s next? Will they use their newfound powers to create a cryptocurrency that’ll make the Won obsolete?.

Source: cointelegraph

Fireblocks partners with South Korean bank on VAT tokenization
https://cointelegraph.com/news/fireblocks-nonghyup-bank-vat-tokenization
Digital assets platform Fireblocks has signed a Memorandum of Understanding (MoU) with NongHyup Bank, a large South Korean bank specializing in commercial credit and banking services for the agricultural sector. They hope to launch a prototype for tax refunds. Fireblocks and NongHyup Bank will use the Fireblocks Tokenization Engine in a pilot project to refund value-added tax (VAT) and goods and services tax (GST) on purchases at retail outlets. Fireblocks […]

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About the author

Linda Williams

Linda’s venture into cryptocurrency ended in a gut-wrenching disaster when she lost her private keys due to a ridiculous mishap involving coffee and a particularly reckless cat. With her funds locked away forever, Linda now pours her frustration into writing biting critiques of crypto’s absurdities, dripping with sarcasm. Her tagline? “I lost my private keys and my sanity. Crypto promised freedom, but all it gave me was a lifetime of regret.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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