Asian banks are now closer to digital fiat adoption

DBS confirmed that its exchange is still a “work in process”

digital fiat

Asian banks are now closer to digital fiat adoption. Source: shutterstock.com

Development Bank of Singapore (DBS) has found that some Asian banks are close to adopting crypto and digital currencies with South Korean and Mongolian banks and companies.

The bank claimed that the page for a new currency seemingly went live a few days ago, but it appears to have been takedown. The pages show the new exchange will apparently customers to trade in BTC, bitcoin cash, Ethereum, and few currencies, including Hong Kong Dollar, Japanese Yen, and Singaporean fiat.

Recently, South Korean crypto finance company Delio and Hexland, a South Korean blockchain firm, has agreed to work with the Trade & Development Bank of Mongolia (TBD), the country’s oldest and largest bank. Later on, the deal will involve two companies, including Mongolian mineral resource and blockchain company MDKI and Bitfury.

A Delio official believes that the move would allow it to enter the “Global Cryptoassest Financial Market” in earnest. Through this partnership, Delio will be in full swing to enter the global virtual assess financial market.

On the other hand, A South Korean Major commercial bank, Shinhan Bank, has agreed to a deal with “LG CNS,” an IT infrastructure subsidiary of “LG Group” that provides information technology services. Both (Shinan Bank and LG CNS)  agreed to build a digital currency platform in preparation for the issuance of digital currency platforms by the Bank of Korea.

We’ve reported that Visa has unveiled in the digital currency strategy that its product and research teams continue to evolve their offering in crypto space.

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