NH Agricultural Cooperative Bank Pilots Stablecoin-Based VAT Refund Service on Avalanche

In accordance with PANews, NH Agricultural Cooperative Bank, one of South Korea's top five banks, has launched a proof-of-concept project to digitize the value-added tax (VAT) refund process for inbound tourists using stablecoins. The initiative, in collaboration with Avalanche, Fireblocks, Mastercard, and Worldpay, tests automated VAT refunds and real-time stablecoin settlements via Avalanche's blockchain. The project does not involve real funds or customer data, as it aims to verify technical and operational feasibility. The service allows foreign tourists to claim a 10% VAT refund upon departure and seeks to modernize the traditional paper-based process. NH Agricultural Cooperative Bank plans to further develop stablecoin-based payment and refund services in line with upcoming regulatory guidelines.