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South Korea's Shinhan Bank Builds Pilot Platform for Central Bank Digital Currency
The Seoul-based bank built the blockchain-based platform in preparation for a role as intermediary should a digital won be launched.
Updated Sep 14, 2021, 12:24 p.m. Published Mar 10, 2021, 3:44 p.m.
Shinhan Bank has built a pilot platform for a potential South Korean central bank digital currency (CBDC) with assistance from LG CNS.
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- The Seoul-headquartered bank built the blockchain-based platform in preparation for the issuance of a CBDC by the Bank of Korea (BOK), the Yonhap News Agency reported Monday.
- According to a Shinhan Bank official, should the central bank decide to move forward with the issuance, it would require an intermediary agency to distribute and encourage use of the digital won.
- The platform divides the CBDC's issuance into general funds for individuals and disaster support funds issued to support businesses and local government.
- The BOK has conducted research into the issuance of a CBDC, results for which were published in February.
- The central bank has yet to decide whether the digital won would be distributed directly to consumers or via an intermediary such as Shinhan Bank.
See also: Bank of Korea Chief on CBDC: Better Right Than Fast
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