Korean Central Bank to test CBDC
South Korea's Central Bank, the Bank of Korea will launch an infrastructure trial for a central bank digital currency (CBDC) together with the Financial Services Commission (FSC) and financial supervision service (FSS) based on an announcement on October 4, 2023.
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Korean Central Bank to test CBDC
Regulatory News · 8 min read
Korean Central Bank to test CBDC
Thursday, 05 October 2023
CBDC Korea
South Korea's Central Bank, the Bank of Korea will launch an infrastructure trial for a central bank digital currency (CBDC) together with the Financial Services Commission (FSC) and financial supervision service (FSS) based on an announcement on October 4, 2023.
Read also: Mastercard partners with Ripple and Consensys to develop CBDC!
This trial will assess the feasibility of a future monetary system based on a wholesale CBDC. The trial will involve private banks and public institutions.
The Bank for International Settlements (BIS) will provide expert technical support while the BOK will test retail and wholesale CBDCs.
Within the framework of the experimental wholesale CBDC, banks will tokenize their deposits and circulate them in networks monitored by the BOK, FSC, and FSS. Live testing of retail CBDCs will begin after system setup in Q4 2024.
Step Towards The Monetary System Of The Future
Lee Myung-soon, the first deputy governor of the FSS, called this trial a step towards a future monetary system.
“BOK continues to conduct technology research related to CBDC. This trial, based on past achievements, is a significant step towards the creation of a prototype of the monetary system of the future,” he said.
At least 130 countries representing 98% of global GDP are exploring CBDCs, up from 35 countries in May 2020, according to the Atlantic Council.
#crypto2023 #cryptocurrency
South Korea's Central Bank, the Bank of Korea will launch an infrastructure trial for a central bank digital currency (CBDC) together with the Financial Services Commission (FSC) and financial supervision service (FSS) based on an announcement on October 4, 2023.
Coinvestment (LOGO)
Home
News
Regulatory News
Korean Central Bank to test CBDC
Regulatory News · 8 min read
Korean Central Bank to test CBDC
Thursday, 05 October 2023
CBDC Korea
South Korea's Central Bank, the Bank of Korea will launch an infrastructure trial for a central bank digital currency (CBDC) together with the Financial Services Commission (FSC) and financial supervision service (FSS) based on an announcement on October 4, 2023.
Read also: Mastercard partners with Ripple and Consensys to develop CBDC!
This trial will assess the feasibility of a future monetary system based on a wholesale CBDC. The trial will involve private banks and public institutions.
The Bank for International Settlements (BIS) will provide expert technical support while the BOK will test retail and wholesale CBDCs.
Within the framework of the experimental wholesale CBDC, banks will tokenize their deposits and circulate them in networks monitored by the BOK, FSC, and FSS. Live testing of retail CBDCs will begin after system setup in Q4 2024.
Step Towards The Monetary System Of The Future
Lee Myung-soon, the first deputy governor of the FSS, called this trial a step towards a future monetary system.
“BOK continues to conduct technology research related to CBDC. This trial, based on past achievements, is a significant step towards the creation of a prototype of the monetary system of the future,” he said.
At least 130 countries representing 98% of global GDP are exploring CBDCs, up from 35 countries in May 2020, according to the Atlantic Council.
#crypto2023 #cryptocurrency
