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Home Latest News Policy and regulation South Korea’s Shinhan Bank Builds Pilot Platform for Central Bank Digital Currency

South Korea’s Shinhan Bank Builds Pilot Platform for Central Bank Digital Currency

Shinhan Bank has built a pilot platform for a potential South Korean central bank digital currency (CBDC) with assistance from LG CNS.

According to the Yonhap News Agency on Monday, the Seoul-headquartered bank built the blockchain-based platform in preparation for the issuance of a CBDC by the Bank of Korea (BOK).

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 the use of the digital won.

The platform also divides the CBDC’s issuance into general funds for individuals and disaster support funds issued to support businesses and local government.

As reported by Coindesk, 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.

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SourceCoinDesk

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