In Preparation for Issuance of Central Bank Digital Currency

Shinhan Bank has established a pilot blockchain-based digital currency platform.

Shinhan Bank announced on March 8 that it has established a pilot blockchain-based digital currency platform in preparation for the issuance of a central bank digital currency (CBDC) by the Bank of Korea.

Shinhan Bank built the pilot platform based on an assumption that when the Bank of Korea issues a digital currency, brokerage agencies will be needed for its smooth distribution and use.

The digital currency platform is designed to allow individuals and merchants to make financial transactions using the CBDC, such as making a payment and money transfer and exchange.

The platform is based on blockchain technology and know-how of LG CNS, which has carried out the largest number of blockchain-related projects in Korea and accumulated technology in the financial sector through cooperation with the Bank of Korea and the Korea Minting and Security Printing Corp. Shinhan Bank and LG CNS are planning to continue joint research and development based on blockchain technology.

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