Jeonbuk Bank is reportedly issuing Bitcoin-collateralized Korean won loans, which Korean media calls a first for a Korean commercial bank

Odaily reports: Bitcoin News posted on X that Jeonbuk Bank is said to have begun issuing Korean won loans to enterprises collateralized by Bitcoin, and local Korean media called this a first for a Korean commercial bank. The Bitcoin is held by a third-party custodian; enforcement rule changes effective October 1 allow the bank to recover funds by selling the collateral through a court ruling without actually taking possession of the Bitcoin. The loan size, interest rate, and loan-to-value ratio have not been disclosed. A representative of Jeonbuk Bank told Chosun that one loan has already been issued.