South Korean Remittances Reduced

The South Korean government wants to lower rates for companies who use bitcoin. About 20 FinTech companies employ bitcoin for foreign currency transfer services and these companies will receive the break.

What Korean FinTech firms pay will be cut in half. Now even banks are moving in this direction.

South Korea’s Shinhan Bank set up a remittance service for money transfers. Shinan bank is very big, with over $250 billion in assets, A Hong Kong intermediary bitcoin exchange facilities the service.

About $450 million in remittance fees each year is paid out.

blockcitynews.com