Came across an exclusive from Korean financial media: Jeonbuk Bank (part of JB Financial) has launched South Korea’s first Bitcoin-backed won loan in the banking sector. For now, it’s only available to corporate clients, and the loans can only be used as working capital for business operations. The only accepted collateral is BTC.
The bank won’t custody the coins itself—they’ll be held by a qualified VASP. In the event of default, the bank won’t take the BTC directly; instead, it will follow the revised civil enforcement rules that take effect on October 1 and liquidate the collateral through a court auction. Valuation is based on weighted prices from multiple global exchanges, and the system has also undergone stress testing.
This isn’t another “plan for the future”—it’s been implemented by fitting the product into the existing bank credit framework and current law. A regional bank is the first to take the plunge. Whether it can later expand to individuals or accept other types of collateral will depend on regulators and the market.
$BTC #比特币 #韩国 #BankLoans
The bank won’t custody the coins itself—they’ll be held by a qualified VASP. In the event of default, the bank won’t take the BTC directly; instead, it will follow the revised civil enforcement rules that take effect on October 1 and liquidate the collateral through a court auction. Valuation is based on weighted prices from multiple global exchanges, and the system has also undergone stress testing.
This isn’t another “plan for the future”—it’s been implemented by fitting the product into the existing bank credit framework and current law. A regional bank is the first to take the plunge. Whether it can later expand to individuals or accept other types of collateral will depend on regulators and the market.
$BTC #比特币 #韩国 #BankLoans