NH Nonghyup Bank (Bank President Kwon Joon-hak) announced on the 14th that it has completed the “Central Bank Digital Currency (CBDC)” pilot system construction project that began in April and held an end report to share major achievements.

Nonghyup Bank completed the construction of a blockchain platform in August and completed its own CBDC simulation test. In November, the future financial new business model was verified. Examples include NFT (non-replaceable token), which is in the spotlight in the era of Web 3.0, self-developed digital currency NHDC (Nonghyup Digital Currency), and multi-asset electronic wallet.

In addition, he actively participated in experiments related to CBDC financial institutions organized by the Bank of Korea and has proven his capabilities in new blockchain technologies by introducing “blockchain-based payment services” at the 2022 Korea Fintech Week held at the end of September.

Lee Sang-rae, vice president of the data and digital platform division, said, “It is a great achievement to internalize blockchain technology and capabilities through this project,” adding, “We will continue to discover blockchain financial services to become a growing living financial platform with customers even in the Web 3.0 era