According to CoinMeta, Jeonbuk Bank has begun issuing won loans secured by Bitcoin to businesses, which is a first for commercial banks in South Korea. The Bitcoin is held by a third-party custodian institution. Under the changes to the enforcement rules that took effect on October 1st, Jeonbuk Bank allows for the sale of collateral through court rulings for recovery purposes, without the need to actually receive the Bitcoin. The loan amount, interest rate, and loan-to-value ratio have not yet been disclosed. A representative from Jeonbuk Bank told Chosun that a loan has already been disbursed.