Fireblocks and Nonghyup Bank of Korea join hands to usher in a new era of tax tokenization
With the rapid development of blockchain technology, Fireblocks signed a memorandum of cooperation with South Korea's NongHyup Bank and plans to launch innovative tax refund tokenization services. This new program will revolutionize South Korea’s tax refund process, providing greater convenience and security for consumers and businesses.
Currently, the value-added tax in South Korea is 10%. Certain goods such as medical supplies and unprocessed food enjoy tax-free policies, and tourists can also receive tax-free discounts, but they need to meet a minimum consumption amount. The handling fees for these cumbersome tax refund procedures are usually as high as 3% to 6% of the product price. The cooperation between Fireblocks and Nonghyup Bank will use blockchain technology to assign a unique digital identification code to each item and instantly track the entire transaction process of the item. This will not only reduce the risk of errors and fraud, but also increase consumer confidence. .
The South Korean government has shown strong support in promoting blockchain applications and recently passed the "Virtual Asset User Protection Act" to provide a reasonable regulatory environment for cryptocurrency investors. In addition, Yonsei University’s blockchain academic research program in collaboration with Ripple aims to promote financial innovation and further strengthen the development of the blockchain ecosystem.
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