The Bank of Korea will begin its retail CBDC pilot in 2024, testing use cases like payments for government grants and voucher systems. However, the central bank still mulls over cross-border payments.
The Bank for International Settlements general manager and the governor of South Korea’s central bank talked about the need for CBDCs, with both voicing concerns about Visa and Mastercard stablecoin.
Wholesale CBDCs don’t have the many complexities, risks, and complications of retail CBDCs and should launch in a few years, according to Bank for International Settlements General Manager Agustin Carstens.
While 93% of central banks are exploring CBDCs, over 80% of legal frameworks bar the rollout of these digital currencies, according to BIS General Manager Agustin Carstens.
Leveraging the power of emerging technologies, the Bank for International Settlements and the United Arab Emirates open a competition that seeks to challenge developers to create tech-based solutions to mitigate climate change.
Head of the BIS Agustin Carstens said that the siloed approach to digital currencies poses unique challenges, arguing that interoperability issues can be resolved via the Unified Ledger.
James Powell, backed by prominent financial regulators, highlights the need to enforce appropriate directives to deal with "issues" concerning DeFi before they snowball and create a big mess.