A bank executive in South Korea: Most Korean financial institutions have developed crypto business plans, which could not be disclosed due to unclear regulation

According to CryptoNews, an executive at a Korean bank stated that major Korean banks are temporarily unable to disclose their crypto asset plans and currently only applies blockchain technology to banking business processes and applications. Another executive, who spoke on condition of anonymity, said that financial institutions are using blockchain technology to make progress, but because South Korea has no encryption law, it will encounter some trouble in commercialization. Earlier reports pointed out that more than half of Korean banks and financial institutions are seriously considering launching blockchain-related services or have started to develop blockchain-driven solutions.