Top Korean Banks will stop Bitcoin Rewards Program over Government’s concerns

Nishanth Shetty

Nishanth Shetty

December 28, 2017 10:14 am

Top Korean Banks will stop Bitcoin Rewards Program over Government's concerns | Coindelite News
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Bitcoin News

From January, two top South Korean banks will stop offering a service that lets the customers for buying the bitcoins using the credit card reward points.

Shinhan and KB Kookmin, two of these South Korea’s largest banks, will be closing their collaboration with the cryptocurrency exchange Coinplug, which currently allows the customers who participate in some of the banks’ credit card rewards program in order to trade the points that they have earned for bitcoin.

The Korean Times said the banks decided to stop the services in prospects of forthcoming government action on cryptocurrency trading.

Choe Heung-sik, the governor of the South Korean Financial Supervisory Authority, said:

“The government’s stance is prohibiting financial institutions from entering the virtual currency market or nurturing environments for trading.”

Shinhan Card’s “Fan Club” and KB Kookmin Card’s “Liiv Mate,” these programs will be ending their partnership with Coinplug from January 15 and January 22, 2018, Respectively.

Shinhan’s collaboration with the exchange was not the financial group’s first project at the nexus of credit cards and cryptocurrency trading. In September, after collaborating with the popular Korean exchange Bitthumb, it stopped supporting the credit card purchases of the digital assets, such as Hyundai, Hana, BC, and Lotte.

Additionally, Woori Bank and the state-owned Korea Development Bank are preparing to close so-called virtual accounts belonging to cryptocurrency exchanges.

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