Shinhan Bank, in partnership with LG Corporation’s IT division, has created a pilot blockchain-based platform for the national digital currency (CBDC) as part of preparations for its launch by the Bank of Korea, Yonhap reports.<\/p>\n
The 1897-founded bank and LG CNS’s division have developed a virtual model in which the central bank issues the CBDC and financial institutions act as intermediaries.<\/p>\n
\n“If the Bank of Korea issues a CBDC, an intermediary agency will be required for the seamless distribution and use of the digital currency. We have created it,” Shinhan Bank said.<\/p>\n<\/blockquote>\n
The solution allows individuals to use the CBDC for payments, transfers, and foreign-exchange transactions.<\/p>\n
The platform also separates individuals’ assets from government funds intended for emergency financing, using separate ledgers for them.<\/p>\n
For example, in the event of government subsidies to victims of natural disasters, CBDC usage could be restricted or the digital currency could have an expiry date.<\/p>\n
In the current year, the country’s central bank plans to complete the final stage<\/a> of CBDC testing.<\/p>\n
Subscribe to ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 the full feed of news, ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shinhan Bank, in partnership with LG Corporation’s IT division, has created a pilot blockchain-based platform for the national digital currency (CBDC) as part of preparations for its launch by the Bank of Korea, Yonhap reports.<\/p>\n","protected":false},"author":1,"featured_media":38678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,974],"class_list":["post-38677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=38677"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38677\/revisions"}],"predecessor-version":[{"id":38679,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38677\/revisions\/38679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/38678"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=38677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=38677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=38677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}