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Chosun, a business-focused media outlet in South Korea, said one of the largest banks in the country, Woori, has tested payments with Ripple.

### Testing the Ripple Network
The Woori Digital Strategy Department has successfully processed Ripple Network payments. According to Woori this year, it will be possible to carry out large-scale transactions in the Ripple network. The South Korean bank has already completed the second phase of testing the Ripple Network. The spokesman for Woori said the bank remains very optimistic about the use of the Ripple network for long-term translation processing.
The bank also stressed that Ripple transactions are far more efficient than Swift. Processing Swift transactions typically take between 2 and 3 days, while Ripple is able to process transactions immediately. Many banks in South Korea, along with 61 banks in Japan, have begun to test payments with Ripple.

Earlier this year, the South Korean government has clarified its position on crypto and stressed that it will not prohibit the use and trading of digital currencies but instead regulate the sector to protect both businesses and investors. Kookmin Bank, the country's largest bank, decided not to provide banking services to crypto-exchanges, probably because of its ties to the government. Shinhan Bank, the second largest bank in South Korea, along with six other banks, announced their intention to provide services to traders.
Korbit, Bithumb, and other major crypto-platform trading platforms said Kookmin users would not be able to trade crypto.

Woori, Shinhan and a few other banks, which are still highly optimistic about the potential of crypto and block technology, are expected to continue developing their individual projects.

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