Korea Exchange Bank Registers 46 Blockchain Banking Patents

Korea Exchange Bank Registers 46 Blockchain Banking Patents

Hana Financial Group subsidiary, Korea Exchange Bank (KEB Hana Bank), revealed filing 46 patents concerning the application of blockchain technology for its banking system

Banking establishments are finding more use cases for blockchain. The Bank of America is known for having over 50 blockchain-related patent applications during 2018. On 13 February, as CoinTelegraph reports, the KEB Hana Bank accomplished 46 requests for exclusive rights for its methods and systems meant for procuring products from abroad, for electronic contracts, and for delivering digital asset services using the technology.

According to the crypto news outlet, a number of the patents are already in development.

The Vice President of KEB Hana Bank, Han Jun-Seong, stated that the patent requests are merely for meshing blockchain with the banking system, ‘It is important to connect the new business models and the bank’s internal system through a blockchain.’

An online banking service built on the blockchain is also being prepared by the South Korean bank. This project will allow for IOU issuance.

KEB Hana Bank

Founded in 1967, the Korea Exchange Bank is among the top-five banks in South Korea. It is the largest forex bank in the country, offering a wide array of products catering to foreign exchange. In 2012, it was successfully acquired by Hana Financial Group for $3.9 bln (4.4 tln won).

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Crypto Adoption: This South African Nation is Building the Most Versatile & Advanced Crypto

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US Fed admits Libra has potential to ‘rapidly’ achieve widespread adoption

The U.S. Federal Reserve, the country’s central bank, has said that stablecoin projects such as Facebook-led Libra could become a "new medium of exchange" if properly designed and regulated. Libra like global stablecoin initiatives “have the potential to rapidly achieve widespread adoption,” said the central bank in its latest Financial Stability Report published Friday. However, if improperly designed and unregulated, stablecoins could pose risks to financial stability, said the Fed. For instance, the inability to convert stablecoins into domestic currency on demand or to settle payments on time. “In an extreme scenario, holders may be unable to [liquidate], with potentially severe consequences for domestic or international economic activity, asset prices, or financial stability,” according to the central bank. Stablecoins must also meet anti-money laundering and counter-terrorist financing rules, said the Fed, adding that issuers should fully disclose the terms of their services; should be transparent on how a stablecoin is tied to an underlying asset, and holders’ data privacy must be appropriately maintained. “As the Group of Seven has noted, ‘no global stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks...are adequately addressed, through appropriate designs and by adhering to regulation that is clear and proportionate to the risks,’” concluded the central bank. Overall, the Fed's report seems fairly optimistic, although with some warnings.  In July as well, Fed Chairman Jerome Powell said that Libra project cannot “go forward” without first addressing concerns regarding money laundering, privacy, and customer protection, among other issues.  
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Stablecoin Adoption: 90% Of OTC Flow in Asia Happens in Stablecoins

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