South Korean bank launches Bitcoin-backed business loans: Report
Summary
Jeonbuk Bank, a subsidiary of JB Financial Group, reportedly became South Korea’s first commercial bank to offer won-denominated loans backed by Bitcoin. The service is limited to corporate customers seeking operating capital, with a specialized custodian holding the BTC. Amendments to civil enforcement rules effective Oct. 1 provide procedures for seizing and liquidating virtual-asset claims, allowing recovery through court-ordered sales if a borrower defaults. The bank has reportedly issued at least one loan, but has not disclosed its terms or the borrower. JB Financial Group had not responded to a request for confirmation.
