BANKING
South Korea Intensifies Blockchain in Banking but Rules Out Digital Fiat Currency
Wide application of blockchain technology is expected to affect people’s lives, business, education, governance, and other sectors. That is the reason, many countries explore and even deploy the huge potential of this technology. But the latest trend of the technology seems to have taken a new twist in South Korea. Now let’s find out why South Korea continues adopting blockchain in banking but rejects rolling out digital fiat currency.
Bitwala Incorporates CryptoTax for Better Tax Reporting
Bitwala, a German-licensed Bitcoin banking service application, announced its new integration remedy with CryptoTax, an entity that assists crypto users to adhere to yearly tax declaration deadlines. This will be instrumental in solving crypto tax headaches.
China Construction Bank Announces Updates of Blockchain Platform After $50B Transacted
One of China’s four largest banks, China Construction Bank (CCB) has officially released the second version of its blockchain platform for trade finance, reaching 360 billion yuan ($50 billion) in cumulative transaction volume. CCB announced the release of “BCTrade 2.0,” focusing on digitizing trade and financial services between 54 domestic and overseas CCB branches and 40 external organizations. Reported by Xinhua news, these organizations include state-owned banks and foreign banks.
The Fight for Freedom: Bitcoin and Hong Kong Battle Old World Control
Financial systems and governments clash. Hong Kong and Bitcoin fight for Freedom.
South Korean Bank, KB Kookmin, Shares Blockchain Strategy
KB Kookmin, a major South Korean bank, is planning to adopt blockchain technology into its internal processes.
U.S Banking Giant Wells Fargo Prohibited Crypto Transactions
Founded in 1852, U.S traditional banking giant Wells Fargo prohibits crypto transactions for its customers, as revealed by the tweet on 13 July.