According to CoinMeta, the Jeonju Bank of Korea ( Jeonbuk Bank ) has issued won yuan loans to corporate customers using Bitcoin as collateral. This is the first time a bank in South Korea has offered such loans. In the event of a borrower's default, the bank does not directly hold Bitcoin but converts the collateral into cash through court enforcement. A spokesperson for the bank confirmed that the loans have indeed been issued, but did not disclose any information about the borrowers. The product is currently only available to corporate customers and only accepts Bitcoin as collateral, with loan amounts limited to corporate operating funds.