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
2960 Total Views

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.

No Comments
Bitcoin is a Scam says Former CEO of Paypal

PayPal Former CEO Bill Harris calls Bitcoin a Scam Bill Harris, Former CEO of Paypal has shared an opinion on bitcoin where he called the digital currency. He said: “Bitcoin is a scam a colossal pump-and-dump scheme, the likes of which the world has never seen.” Harris’s discussion targeted Bitcoin …

UK-based Startup App to Add Ripple(XRP) Soon

Ripple(XRP) to be Included in Revolut Global Money App A global banking alternative based in the United Kingdom named Revolut plans to add Ripple (XRP) any moment. This decision was taken after it said Bitcoin, Litecoin, and Ethereum to its app used for financial transactions. Using the standard Revolut account, …

Nasdaq CEO said, ‘Would Consider’ Creating a Cryptocurrency Exchange

Adena Friedman CEO of Nasdaq says they are Open to become Cryptocurrency Exchange On Wednesday, CEO of Nasdaq proposed that the company could open a digital currency exchange in the Future. The subject came up during an interview with CNBC, in which CEO Adena Friedman showed openness to the idea. …

Nasdaq Tech to be Used as a Monitor Trading Platform by Gemini

Crypto  Exchange Gemini is Going to Monitor Trading through Nasdaq Tech On Wednesday Cryptocurrency exchange Gemini announced that it is collaborating with Nasdaq for monitoring trading activities on its platform. The announcement says that Gemini will be using Nasdaq’s SMARTS Market Surveillance offering for automatically identifying any potential price direction …

Cashierest Faced Internal System Error and Gave Free Coins to Users

Internal System Error at Korean Digital Currency Exchange Gave clients Free Coins A South Korean Digital Currency exchange said it suffered an internal system error which hit withdrawals. The exchange asserts that clients were able to withdraw five times the no. of coins they asked. It is requesting for the …

CasinoCoin (CSC) Planning to Collaborate with Ripple for Further Online Gambling

Ripple Methodologies to be Used by CasinoCoin (CSC) to Implement Online Gambling Involving Blockchain technology A lot of similarities are shared between Casinos and cryptocurrencies; having a massive financial industry with a skeptical view. Casinos are, however, benefiting the operator versus the gambler, while cryptocurrency still lacks trustworthiness. Coincidently, the …

Press Release