June 19, 2024

South Korea Develops National Digital Currency (CBDC)

South Korea Develops National Digital Currency (CBDC)

South Korea is creating a task force to prepare for the launch of a state digital currency, about thisreports Korea Times. Japan, Russia, Iran, China and other countries are actively working in this direction.

This is stated in the report of the central bank of the country of the Bank of Korea. The institution recognizes the importance of studying the crypto market and research in the field of distributed registry technologies:

“We will actively participate in discussions withBank for International Settlements (BIS) and other international organizations, as well as monitor the development of CBDC (Central Bank Digital Currency) in other state-owned banks.”

In December this year, the state bank announcedon opening a digital currency expert vacancy. In addition, the head of the Banking and Finance Department of the Bank of Korea Hong Kyung Sik mentioned that the bank is considering launching its own digital currency.

“By the end of the first quarter of 2020, we intend to launch (several) short-term pilot projects, as well as announce a competition of projects for players from the private sector”, — said the head of the French central bank, François Villeroy de Gallia.

Last week deputy headThe State Administration on Foreign Currencies in China, Lu Lei, said that China "will gradually expand the scope of pilot projects and scenarios for the application of blockchain technology in the field of cross-border money transfers and macroprudential policies."

Well, the race has begun, but it seems that South Korea is preparing for a marathon instead of a sprint.