A Major Korean Bank Will Soon Launch a Bitcoin Remittance Service

Shinhan Bank, one of the largest financial institutions in South Korea will begin a remittance service – backed by bitcoin – between Korea and China, starting next month.
The Korea-China corridor will soon see the bitcoin remittance service made possible through Hong Kong as an intermediary, a country where digital currency transactions are legally allowed, according to Korean news outlet Pulse.
Fundamentally, the remittance operation will see Shinhan Bank transfer value to a digital currency exchange in Hong Kong, which will then further the transaction by transferring the value, in bitcoins, to a Chinese exchange at which point the value is then converted to local Chinese currency.

This post was published at Crypto Coins News on 11/11/2016.