PANews reported on November 13th that, according to The Block, NH Nonghyup Bank, one of South Korea's five major banks, has launched a proof-of-concept project to digitize value-added tax (VAT) refunds for inbound tourists and to validate a real-time settlement model using stablecoins. The project collaborates with Avalanche, Fireblocks, Mastercard, and Worldpay, using the Avalanche blockchain to test smart contract-driven automated refund and stablecoin settlement processes. Because the project aims to confirm technical and operational feasibility, it does not involve real funds or customer data. Addressing the increasing number of tourists visiting South Korea, the project improves the VAT refund process, allowing foreign tourists to apply for a 10% VAT refund upon departure. NH Nonghyup Bank plans to revolutionize the traditional paper-based refund process through two methods and also stated that it will further develop stablecoin-based payment and refund services in accordance with upcoming guidelines from financial regulators.PANews reported on November 13th that, according to The Block, NH Nonghyup Bank, one of South Korea's five major banks, has launched a proof-of-concept project to digitize value-added tax (VAT) refunds for inbound tourists and to validate a real-time settlement model using stablecoins. The project collaborates with Avalanche, Fireblocks, Mastercard, and Worldpay, using the Avalanche blockchain to test smart contract-driven automated refund and stablecoin settlement processes. Because the project aims to confirm technical and operational feasibility, it does not involve real funds or customer data. Addressing the increasing number of tourists visiting South Korea, the project improves the VAT refund process, allowing foreign tourists to apply for a 10% VAT refund upon departure. NH Nonghyup Bank plans to revolutionize the traditional paper-based refund process through two methods and also stated that it will further develop stablecoin-based payment and refund services in accordance with upcoming guidelines from financial regulators.
NH Nonghyup Bank in South Korea is piloting a stablecoin-based tax refund service on its Avalanche platform.
PANews reported on November 13th that, according to The Block, NH Nonghyup Bank, one of South Korea's five major banks, has launched a proof-of-concept project to digitize value-added tax (VAT) refunds for inbound tourists and to validate a real-time settlement model using stablecoins. The project collaborates with Avalanche, Fireblocks, Mastercard, and Worldpay, using the Avalanche blockchain to test smart contract-driven automated refund and stablecoin settlement processes. Because the project aims to confirm technical and operational feasibility, it does not involve real funds or customer data. Addressing the increasing number of tourists visiting South Korea, the project improves the VAT refund process, allowing foreign tourists to apply for a 10% VAT refund upon departure. NH Nonghyup Bank plans to revolutionize the traditional paper-based refund process through two methods and also stated that it will further develop stablecoin-based payment and refund services in accordance with upcoming guidelines from financial regulators.
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