South Korea was one of the earliest adopters of cryptocurrencies in the world and it’s not a surprise that the country is making a more determined push towards the mass adoption of cryptocurrencies in the mainstream.
All of the banks that have confirmed their participation will now hold and manage cryptocurrency assets for clients. This latest development is possible thanks to the Special Financial Transactions Information Act which is changing the active legislation around cryptocurrencies and would make it easier to treat crypto assets as a mainstream part of the economy.
NH Nonghyup Bank and Kookmin Bank have already begun working on the implementation of the technology necessary to service clients. Some blockchain experts have even called the measure “too little” and coming “too late.”
According to Blockchain Research Center at Dongguk University Park Sung-joon, the financial competitiveness of cryptocurrencies may be endangered because the rather belated decision of institutions to push ahead.
While this could be true, South Korea has been one of the biggest adopters of cryptocurrencies since the assets became available en masse. The country previously announced that it’s going to make it possible for 13,000 ATMs to offer TRON cashouts.
Various crypto casinos have looked to the country for a viable market to offer their products, with Bitcasino, CasinoFair and others all now available to players. The latest banking push will almost certainly make it easier for them to gamble at these operations.