Historically First Korean Bank Reveals Platform for CBDC
Main page News, Banking, South Korea, CBDC

Korea's oldest bank, Shinhan Bank, has created a pilot platform for a central bank digital currency (CBDC), the Yonhap News Agency has learned. A Shinhan Bank spokesman said the platform would allow for the seamless distribution and use of CBDC.

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Individuals and affiliates will be able to use the issued CBDCs to request, pay, transfer, exchange and top up an account. The platform is built on a blockchain technology and allows categorization of CBDCs by purpose. For example, specific tokens could be spent only in case of natural disasters with a limited duration.

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Earlier this year, Shinhan Bank announced a strategic investment in Korea Digital Asset Trust, a cryptocurrency custodian consortium established by Korbit, the original Korean cryptocurrency exchange.

While the size of investments remains undisclosed, Shinhan Bank Chairman and Chief Executive Yong-Byung Cho said that cryptocurrency custodian is an area where one can make a good use of the bank's compliance capabilities and custody services.

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