Bitcoin prices displayed on the electronic board in Woori Bank’s main dealing room (Photo provided by Woori Bank)
SEOUL, Dec. 5 (Korea Bizwire) — Woori Bank has begun displaying Bitcoin price data alongside exchange rates and stock indexes on the electronic board inside its main dealing room in central Seoul, the bank said Friday — a first among South Korea’s commercial banks and a notable sign of the industry’s growing embrace of digital assets.
The move places cryptocurrency market data directly in front of the bank’s foreign exchange, bond and derivatives traders, highlighting what Woori describes as the expanding influence of digital assets in global finance.
“As digital assets gain prominence in international markets, we believe they should be monitored as key indicators alongside currencies and interest rates,” a bank official said.
Traditional Banks Pivot Toward Digital Assets
Woori’s step comes as Korean banks increasingly push beyond conventional financial services into the digital-asset space. Hana Financial Group this week signed an agreement with Dunamu, operator of the Upbit crypto exchange, to adopt blockchain technology for overseas remittances.
Although Woori has yet to partner with a domestic cryptocurrency exchange for deposit and withdrawal accounts, the bank has signaled growing ambitions. In October, Woori CEO Chung Jin-wan told employees — following a collaboration with Samsung Wallet’s money and points service — that “new opportunities will emerge as payments and digital-asset ecosystems converge.”
A stablecoin is a type of cryptocurrency that minimizes price volatility by pegging its value to a specific asset, most commonly the U.S. dollar. To maintain this value, stablecoins are backed by collateral, with U.S. Treasury bonds frequently used for this purpose. (Image courtesy of Yonhap)
Regulatory Momentum Builds for Bank-Led Stablecoins
The shift comes amid accelerating efforts to establish a regulatory framework for digital assets. The ruling Democratic Party and government officials have reached broad agreement to allow bank-led consortiums, in which banks hold a majority stake, to issue won-based stablecoins.
A draft of Korea’s Digital Asset Basic Act, the country’s first comprehensive digital-asset legislation, is expected soon. Once unveiled, discussions over bank-issued stablecoins are anticipated to speed up, potentially reshaping how traditional lenders engage with the cryptocurrency economy.
Ashley Song (ashley@koreabizwire.com)
