S. Korea To Use Blockchain For Highway Tolls

South Korean highways could see blockchain-based toll booths before the end of the year, according to a report from Crypto News.

KEB Hana Bank, one of the largest banks in the country, is going to work with the Korea Expressway Corporation on blockchain-based services. With KEB’s smartphone banking app Hana One Q, the partnership will aim to allow drivers to choose to defer toll payments, pay in a lump sum or receive refunds. This will be done through a smart card, a credit card or cash at toll points across the country.

Motorists will be able to sign up quickly through the bank’s app in a new registration field, Crypto News reported.

Meanwhile, crypto scammers have reportedly been impersonating the Polish Financial Supervision Authority (PFSA), the watchdog said.

According to a report by Cointelegraph, the scammers are offering fake crypto investment opportunities, calling potential investors and asking if they want to sell or buy — but first asking if the victim would send cryptos to a digital wallet to verify their legitimacy. Then the regulator clears the payment to be deposited to the nonexistent fund.

The PFSA said it “would like to remind you that the cryptocurrency market in Poland is not a regulated or supervised market. PFSA does not license, supervise or exercise any other powers with regard to cryptocurrency trading activities,” Cointelegraph reported.

In other news, the Binance stablecoin can now be accessed in New York since the state’s financial watchdog gave it the go-ahead, CoinDesk reported.

New York Department of Financial Services (NYDFS) added Binance’s USD (BUSD) stablecoin to its Greenlist this week, meaning licensed banks and other financial institutions can custody and list the coin without approval from the regulator. They still have to inform NYDFS before using the coin, though.

BUSD is a white-label stablecoin from the Paxos Trust Company, which was allowed to issue the coins by the NYDFS in 2018.

The NYDFS Greenlist also includes Bitcoin, ether and litecoin, along with other stablecoins like Gemini and Paxos.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.