Thu. Mar 16th, 2023

NH Nonghyup Bank has successfully completed its own mock test by establishing a pilot system for central bank digital currency (CBDC). NH Nonghyup Bank announced on the 17th that it has secured technology that can provide distribution and payment services by utilizing blockchain platforms and electronic wallets when the Bank of Korea introduces CBDC.

In particular, it provided an opportunity to secure the scalability and flexibility of blockchain-based services by establishing two types of Ethereum-affiliated and hyperleisure blockchain platforms for the first time in the financial sector. Nonghyup Bank plans to verify various digital asset-related business models such as irreplaceable token (NFT), stable coin (Nonghyup Bank Digital Currency, NHDC) and multi-asset electronic wallets by the end of the year using the blockchain platform that it has built.

“Based on the pilot system, we plan to actively participate in major policies such as the Bank of Korea’s CBDC financial institution linkage experiment,” said Kwon Joon-hak, president of the bank. “We will expand various blockchain-based new businesses that can lead the digital asset market in the future.”

Meanwhile, Nonghyup Bank has been continuously pushing for blockchain and digital asset-related projects such as verifying the qualification of blockchain for public officials’ household funds in September, entering the digital asset trust business in September, and NFT (July) to mark the 10th anniversary of Nonghyup Financial.

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