Card Payment at Foreign Cryptocurrency Exchanges Not Completely Blocked – BusinessKorea

People Power Party lawmaker Yun Ju-keyng remarked on Oct. 20 that card payments at foreign cryptocurrency exchanges totaled 324.6 billion won in the period of January 2018 to August this year and the amount is divided into 309,072 cases.
BC Card payments added up to 75.8 billion won, followed by Shinhan (69 billion), Hyundai (56.7 billion), Hana (50 billion), Lotte (29.6 billion), Samsung (28.2 billion) and Woori (14.8 billion).
At present, card payment at domestic and foreign cryptocurrency exchanges is almost blocked. In 2018, the Ministry of Economy and Finance and the Financial Services Commission advised against it and the card companies blocked such credit and debit card payments. In the above period, 967,606 such payment attempts adding up to 504.2 billion won failed.
The successful payments are because of the companies’ loopholes. Their payment blockage is based on card member store numbers. In the case of a new member store number, it takes time for them to find out whether the number belongs to a foreign cryptocurrency exchange or not.

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Post expires at 3:11am on Saturday April 22nd, 2023

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