South Korean bank Shinhan is considered the second largest in the country and plans to launch a bitcoin vault and wallet platform. A representative from the bank said: “Shinhan is testing a virtual platform where the private keys of Bitcoin addresses and wallets are managed and issued by the bank, and the bank intends to make the vault service available free of charge and for withdrawals Charge. ”
With millions of active users and tens of thousands of businesses as customers, the bank itself is a household name in the banking world of South Korea. Should the platform hit the market as planned by mid-2018, this would be the first regulated commercial bank to provide Bitcoin vaults and wallets.
Whether Shinhan offers bitcoin trading itself is currently unclear. Cooperation with leading cyber exchanges in South Korea is conceivable.
At the beginning of the month, Choe Heungik, head of the Financal Supervisory Service (FSS), announced that the South Korean government would not legislate for cyber currencies in the foreseeable future.
An adaptation of bitcoins in the banking world would be a big step towards the mainstream. South Korea, like Japan, could recognize the digital thaler as an official means of payment.