{"id":116306,"date":"2021-03-10T13:37:42","date_gmt":"2021-03-10T13:37:42","guid":{"rendered":"https:\/\/precoinnews.com\/?p=116306"},"modified":"2021-03-10T13:37:42","modified_gmt":"2021-03-10T13:37:42","slug":"shinhan-bank-builds-cbdc-system-with-lg-cns-partnership","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/shinhan-bank-builds-cbdc-system-with-lg-cns-partnership\/","title":{"rendered":"Shinhan Bank Builds CBDC System with LG CNS Partnership"},"content":{"rendered":"<p><span>Shinhan Bank, a South Korean commercial lender, developed a blockchain-based pilot platform with its partner LG CNS, the IT arm of conglomerate LG Corporation, for the launch of central bank digital currency (CBDC).<\/span><\/p>\n<p><span>According to the local news outlet\u00a0<\/span><em><span>Yonhap,<\/span><\/em><span>\u00a0the platform is already in its pilot stage and has already created a virtual model of a CBDC issued by the Bank of Korea to test the platform. While the CBDCs will be issued by the central bank, financial institutions like Shinhan Bank will act as intermediaries in the system.<\/span><\/p>\n<p><span>However, it is not clear if the commercial bank and its IT partner are leveraging any existing blockchain or developed the CBDC system on a proprietary infrastructure.<\/span><\/p>\n<p><span>This development came when the South Korean central bank already launched a CBDC pilot program to test the technicalities and legalities of the digital won. The monetary regulatory, however, clarified that it does not have any plans to launch the CBDC in the short term.<\/span><\/p>\n<p><span>The local report outlined that the Shinhan Bank\u2019s platform will allow individuals and affiliates to use the issued digital currencies in various real-world applications like payments, remittances, and foreign exchange transactions.<\/span><\/p>\n<p><span>Additionally, the CBDC system will divide the issued digital currencies into general funds, which will be held by individuals, and government funds that will be kept as an emergency fund for specific uses.<\/span><\/p>\n<h2><span>Infrastructure Is Ready before CBDC<\/span><\/h2>\n<p><span>While central banks are still studying the launch prospects of digital currencies, private companies are readying infrastructure to support them. <em>Finance Magnates<\/em> earlier reported on Ripple\u2019s private ledger that will specifically support CBDCs.<\/span><\/p>\n<p><span>Shinhan Bank, meanwhile, is an early adopter of blockchain and launched a Bitcoin-based remittance service as early as .2016. It is also heavily invested in many cryptocurrency companies.<\/span><\/p>\n<p>Source: <a href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/news\/shinhan-bank-builds-cbdc-system-with-lg-cns-partnership\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shinhan Bank, a South Korean commercial lender,<\/p>\n","protected":false},"author":3,"featured_media":116305,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Shinhan Bank Builds CBDC System with LG CNS Partnership - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/shinhan-bank-builds-cbdc-system-with-lg-cns-partnership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shinhan Bank Builds CBDC System with LG CNS Partnership - 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