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Home›Crypto›Regulation›South Korean Jeonbuk Bank begins won loans backed by b…

South Korean Jeonbuk Bank begins won loans backed by bitcoin

The loans are currently limited to corporate borrowers seeking working capital, with bitcoin as the only eligible collateral.

Reported · Written up by our desk · Regulation

Bitcoin Magazine reports that Jeonbuk Bank, a subsidiary of JB Financial Group, has started offering won-denominated loans backed by bitcoin, becoming the first bank in South Korea to do so.

The product is limited for now to corporate customers raising working capital, and bitcoin is the only eligible collateral.

According to Bitcoin Magazine, the bank said it may expand the service based on regulatory changes and market demand, and it does not own or control the bitcoin itself.

Bitcoin Magazine adds that the collateral is held by a specialized custodian, limited to virtual asset service providers registered under Korea’s Act on the Reporting of Specific Financial Information.

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Sources

Bitcoin MagazineSouth Korean Lender Jeonbuk Bank to Offer Bitcoin-Backed Loans

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