Digital assets platform Fireblocks has signed a Memorandum of Understanding (MoU) with NongHyup Bank, a large South Korean bank specializing in commercial credit and banking services for the agricultural sector. They hope to launch a prototype for tax refunds.
https://cointelegraph.com/news/fireblocks-nonghyup-bank-vat-tokenization
Fireblocks and NongHyup Bank will use the Fireblocks Tokenization Engine in a pilot project to refund value-added tax (VAT) and goods and services tax (GST) on purchases at retail outlets. Fireblocks co-founder and CEO Michael Shaulov told Cointelegraph that they are looking to increase transparency and security.
Fireblocks, a leading digital assets platform, has entered into a Memorandum of Understanding (MoU) with NongHyup Bank, a prominent South Korean bank that specializes in commercial credit and banking services for the agricultural sector. This partnership aims to develop a blockchain-powered prototype for tax refunds, specifically focusing on the tokenization of tax processes.
