Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Woori Bank begins displaying bitcoin prices in main dealing room
The price of bitcoin is displayed on the Woori Bank dealing room ticker in Seoul, Wednesday. Courtesy of Woori Bank
By Lee Yeon-woo
Woori Bank said Friday that it has begun displaying bitcoin prices in its main dealing room in Seoul, alongside won-dollar exchange rates and stock market data.
This marks the first time a commercial bank in Korea has displayed a cryptocurrency price in its dealing room, where frontline trading of foreign exchange, bonds and derivatives takes place.
"As digital assets continue to grow in prominence and influence in global financial markets, we determined that they should be monitored as a key indicator to better read overall market trends," a Woori Bank official said.
Banks have recently been looking beyond the traditional boundaries of finance as they explore opportunities in the digital asset space. A prominent example is Hana Financial Group, which signed an agreement with Dunamu on Wednesday to introduce blockchain technology to services such as overseas remittances.
Woori Bank, although it has yet to partner with a cryptocurrency exchange, is also signaling its intention to move into the digital asset market. Company CEO Jung Jin-wan said in October that "new opportunities will emerge as payments and the digital asset ecosystem become increasingly interconnected."
The government is also accelerating efforts to refine its digital asset regulatory framework, adding momentum to the market.
The government and the ruling Democratic Party of Korea are weighing a proposal that would allow only consortia with at least 51 percent bank ownership to issue won-based stablecoins. Once the draft legislation takes shape in the near future, discussions on bank-led stablecoin issuance could gain significant traction.