TechFlow, Nov 13 — According to Theblock, NH NongHyup Bank in South Korea is launching a proof-of-concept (PoC) project to test a system that uses stablecoins to streamline the value-added tax refund process for inbound tourists.
The bank's PoC project is being conducted in collaboration with Avalanche, Fireblocks, Mastercard, and Worldpay. This pilot aims to leverage blockchain technology and stablecoins to provide foreign visitors with a more convenient tax refund service, potentially improving the efficiency issues present in traditional refund processes.
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