Today Korea’s Shinhan Bank announced its partnership with LG CNS, the IT services subsidiary of the conglomerate LG, to develop and pilot a blockchain-based digital currency platform. Shinhan Bank does not intend to issue its own digital currency. Instead, the partnership is in anticipation of the Bank of Korea’s (BOK) future issuance of central bank digital currency (CBDC).
The model platform will be able to issue and settle CBDCs, as well as have distribution, payment, and exchange functions. Other features include verifying key functions and analyzing the digital currency’s impact on retail banks and customers. On a slightly controversial topic, it has not yet been decided whether to use the platform’s payment data for other purposes.
An official of Shinhan Bank said, “We will try to provide differentiated value to our customers based on our own experience in blockchain technology. Starting with this agreement, we will continue to collaborate with LG CNS on blockchain technology.”
Read more: https://www.ledgerinsights.com/shinhan-bank-lg-cns-for-blockchain-digital-currency-cbdc/