Jeonbuk Bank issues South Korean commercial bank's first Bitcoin mortgage loan

Jeonbuk Bank has started issuing Korean won loans to businesses using Bitcoin as collateral, marking the first case of a commercial bank in South Korea. Bitcoin is held by third-party custodians. The change in enforcement rules that came into effect on October 1st allows Jeonbuk Bank to recover by selling collateral through court orders without actually receiving Bitcoin. The loan size, interest rate, and loan to value ratio have not been disclosed yet. A representative from Jeonbuk Bank told Chosun that a loan has already been disbursed. (Source: Bitcoin News)