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South Korea’s Shinhan, LG CNS Unveil CBDC Platform

cryptonews.com 10 March 2021 03:49, UTC
Reading time: ~1 m

The BOK is still yet to commit either way on the issuance of a CBDC, like most central banks in advanced economies.

However, just like its counterparts in Japan and much of Europe, the South Korean central bank has been pushing ahead with rapid CBDC research, and is now on the verge of issuing a pilot.

And it appears Shinhan and LG CNS believe that it is now a question of when, rather than if, when it comes to digital won issuance.

The BOK is yet to comment on the platform, but would almost certainly require the cooperation of major commercial banks like Shinhan if it were to go ahead with token issuance and distribution.

LG CNS claims that it has carried out more blockchain-related projects in the nation than any other provider, and is currently believed to be working on integrating facial recognition and blockchain technology solutions for the authentication and payments industries.
Learn more:
- Digital Yuan Scammers Gathering Momentum as Token Rollout Nears
- Bank of Japan’s Year-long Digital Yen Pilot Begins this Spring
- Economists: CBDCs to ‘Flop’ if They Aren't Designed as Stores of Value
- South Korean Central Bank: Build Legal Boundary Between CBDCs & Crypto
- 2021 Trends in CBDCs: More Pilots, Maybe Some Launches, But Not For Retail

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