Largest Foreign Exchange Bank in South Korea Files 46 Blockchain Related Patents
By Luke Flowers - Cryptocurrency Speculator
South Koreas KEB Hana Bank, their biggest Foreign Exchange (FX) bank, has filed for 46 blockchain related patents in one of the largest disclosures of Blockchain Intellectual Properties (IP), as reported by Cointelegraph. This shows strong interest from larger financial institutions to benefit from using the technology.
The applications range from methods and systems for purchasing overseas products, systems and methods for electronic contracts and methods and systems for providing digital asset services using blockchain technology. These patents are currently under development with no disclosures of exactly how they’re to be implemented.
The bank does not currently deal in cryptocurrencies but have not ruled out that we may be able to buy crypto from them in the future as one of the patents is for methods and systems for providing digital asset services using blockchain technology. The bank could even develop an exchange to buy and sell cryptocurrency or other services such as custody for the safe keeping of digital assets.
Hana Bank is looking into methods for purchasing overseas products. This could be in the form of a cryptocurrency to achieve instant settlement though it has not been said if their system will interact with a current cryptocurrency. If the bank was to issue their own coin, users and institutions could buy cryptocurrency for commercial use reducing overheads.
Hana Bank is allegedly developing an internet banking service base on blockchain technology. This system will allow to issuance of IOUs which current blockchains do not permit. The majority of blockchains require the funds be available at the time of the transaction and a time for the transactions to take place cannot be set.
Banking institution are some of the most prominent when it comes to filling blockchain related patents. The Bank of America (BOA) had filled more than 50 applications for blockchain technology by Autumn 2018.
Keep up with the latest announcements and if you’re looking to buy crypto UK, then head over to our platform to begin your crypto buying.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards