Jeonbuk Bank: It is reported to have issued Bitcoin-collateralized Korean won loans, referred to by Korean media as the first case among commercial banks in South Korea

Jeonbuk Bank is reportedly the first commercial bank in South Korea to start issuing Korean won loans secured by Bitcoin, according to local media. The Bitcoin is held by a third-party custodian; the effective changes to the execution rules allow the bank to sell the collateral through a court ruling for recovery without actually receiving the Bitcoin.

The loan scale, interest rate, and loan-to-value ratio have not been disclosed. A representative from Jeonbuk Bank told Chosun that one loan has already been issued.