Bank of Korea Outlines Future Path for CBDC
The Central Bank of Korea (BOK) recently published its 2022 Payment and Settlement Systems Report, showcasing the successful management of the systems as well as its plans for the future with Central Bank Digital Currency (CBDC). Discussions over stablecoin regulation were also highlighted in the study.
The BOK is actively investigating the introduction of a CBDC, as well as doing research on intelligent contracts, offline payments via near-field communications, and cross-border payment systems. In the second half of the year, the bank connected 14 banks and the Korea Financial Telecommunications and Clearing Institute (KFTCI) for verification to test its simulated CBDC system.
(With inputs from Shikha Singh)
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