Shinan Bank is building a blockchain platform to serve as an infrastructure to operate the so-called CBDC cryptocurrency. That is, digital currencies backed by the central bank.
Shinan Bank is to serve as an intermediary in the project to help the digital won into circulation. The CBDC project is in the preparatory phase in South Korea and Shinan Bank is involved. According to its representatives, the Central Bank of Canada should announce in the foreseeable future how the digital won will be put into circulation. Thus, there is still a possibility that the Bank of Korea will not need an intermediary, which Shinan Bank clearly does not count on much.
But bank of Korea Governor Lee Ju-yeol said in February that the CBDC project should not be rushed. They say it is better to run the central bank-backed digital currency correctly than quickly. And there is no reason to rush, even in the context of the fact that china’s central bank is also preparing to launch its own digital currency. The Bank of Korea is said to be preparing a project for its own CBDC from 2018, and a pilot operation could be launched later this year.
