NH NongHyup Bank, one of South Korea's top five banks, is partnering with Avalanche, Fireblocks, Mastercard, and Worldpay to conduct a proof-of-concept (PoC) for a stablecoin-led value-added tax (VAT) refund system. The PoC aims to test smart contract-based automated tax refunds and stablecoin settlement models.
NH NongHyup Bank hopes to optimize the tourist tax refund process through blockchain, enabling instant settlement and exchange. It also plans to further develop stablecoin payment and tax refund services based on upcoming guidelines from financial regulators.
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