South Korean Shinhan Bank pilots digital currency platform with LG CNS

[Dociko]

South Korean commercial bank Shinhan Bank has built a digital won pilot platform in collaboration with LG CNS.

Major South Korean commercial bank Shinhan Bank is looking to collaborate with the country’s central bank on developing a national digital currency.

Shinhan Bank has developed a blockchain-based pilot platform for a central bank digital currency, or CBDC, in partnership with LG Corporation’s IT services arm LG CNS, South Korean news agency Yonhap reports Monday.

Shinhan Bank and LG CNS created a virtual CBDC model where the Bank of Korea issues a CBDC, while other banking institutions like Shinhan Bank act as financial intermediaries. The bank emphasized that CBDC intermediaries would be an integral part of a digital won ecosystem, stating, “If the Bank of Korea issues a CBDC, an intermediary agency will be necessary for the smooth distribution and use of digital currency.”
Source: Cointelegraph