South Korea's "NH Nonghyup Bank", one of the five largest banks in the country, is conducting a proof-of-concept experiment to facilitate VAT refunds for foreign tourists through stablecoins on the "Avalanche" blockchain.
The bank is collaborating with "Avalanche", "Fireblocks", "Mastercard", and "Worldpay" to test automated refunds via smart contracts and real-time settlement, without using real money or customer data.
The project aims to digitize the traditional paper-based process, improving the experience for tourists and the efficiency of cross-border payments, with South Korea expecting to welcome 16.37 million tourists in 2024, an increase of 48.4%.
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