Shinhan Bank Builds Pilot Platform For South Korean 'CBDC'.
2021-03-10 | Mike Hallen
Shinhan Bank has built a pilot platform for
a potential South Korean
CBDC [Central Bank Digital Currency] with assistance from LG CNS.
The Seoul-headquartered bank built the
blockchain-based platform in preparation for the issuance of a CBDC by the BOK [Bank of Korea], the Yonhap
press agency reported earlier on Monday.
According to Shinhan Bank official, should the
central bank plan to move forward with the issuance, it might require an intermediary agency to distribute & encourage the use of the digital won
The platform divides the CBDC's issuance into general funds
for people and disaster support funds issued to support businesses
and native government.
The BOK has conducted research into the issuance of a CBDC, results
that were published earlier in February.
The central bank is yet
to make a decision whether the digital won would be distributed
to users or via an intermediary
like Shinhan Bank.
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