Shinhan Bank is hoping to collaborate with the central bank with the blockchain-powered platform, in order to assist with the development and rollout of a central bank digital currency in South Korea.
The Bank of Korea has said central bank digital currencies are not virtual assets, but an alternative form of fiat currency, requiring some legal changes ahead of any future national rollout.
Bank of Korea is looking for a firm to partner with on the CBDC’s second phase which involves building the infrastructure.
The panel will decide which laws may need to be amended to guarantee a smooth launch of a South Korean CBDC.
