• Home
  • Login
  • Register
The Central Bank Digital Currency Insider
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
SUBSCRIBE
No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
No Result
View All Result
The Central Bank Digital Currency Insider
No Result
View All Result

Korea’s Shinhan Bank Completes Demo CBDC Platform With LG CNS

by CBDC Insider
March 9, 2021
in Asia, Business
Reading Time: 1min read
0
Korea’s Shinhan Bank Completes Demo CBDC Platform With LG CNS
Share on FacebookShare on Twitter

Yesterday Shinhan Bank confirmed that it completed a demonstration platform for central bank digital currencies (CBDC) together with LG CNS. First announced four months ago, the initiative appears to be independent of the central bank.

Shinhan Bank predicts that when the Bank of Korea issues a CBDC, it will need to use intermediaries such as Shinhan Bank. Anticipating this, the platform enabled a ‘virtual’ Bank of Korea to issue the mock digital currency as a blockchain token and distribute it to Shinhan Bank as an intermediary.

In turn, the bank circulated it to individuals who could use it for payments, remittances and foreign exchange. Individuals can convert their bank account funds to digital won (KRW). It also supports what it refers to as local government disaster support funds.

RELATED STORIES

Taiwan’s CBDC Project Needs At Least Two More Years, Says Central Bank Governor

Taiwan’s CBDC Project Needs At Least Two More Years, Says Central Bank Governor

June 30, 2022
Montran and eCurrency Announce the Very First CBDC Solution

Montran and eCurrency Announce the Very First CBDC Solution

June 30, 2022

Regarding support funds, in Korea, several regions have issued local currencies, which in some cases are designed to encourage traffic to small retail businesses. Often the currencies provide cash back on purchases from small businesses, effectively acting as a subsidy. These currencies also have expiry dates which is something the Shinhan Bank trials accommodated.

Read more: https://www.ledgerinsights.com/korea-shinhan-bank-lg-cns-demo-cbdc-central-bank-digital-currency/

Previous Post

Does India Have Room For Both Bitcoin And a CBDC?

Next Post

Will CBDC be the Factor that Paves the Way Towards a New Economy?

Next Post
Will CBDC be the Factor that Paves the Way Towards a New Economy?

Will CBDC be the Factor that Paves the Way Towards a New Economy?

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register