Bank of Korea is collaborating with LG CNS to develop a CBDC system for tokenized deposits, utilizing LG CNS's expertise, with a KRW 9.68 billion budget and plans for a 2024 trial.
Bank of Korea Governor Rhee Chang-yong urges swift CBDC adoption to counter stablecoin risks, accelerating plans with launching 2024 retail pilot with global collaborations and innovative features.
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.
The Bank of Korea is looking to develop a new monetary system that focuses on the use of a wholesale CBDC under its latest partnership with the BIS and several other local entities.
As the CBDC pilot launch reveals challenges, plans, and cautious approach, Bank of Korea moves closer to test real-world applications in three cities, excluding Seoul.
South Korea joins the growing list of countries exploring CBDCs, with its central bank unveiling plans to study and possibly integrate retail and wholesale CBDCs with existing payment platforms.
The latest bill comes with severe consequences for breachers but pundits claimed that the regulation is stuck in the perspective of traditional finance rules.
Singapore believes digital money would be key in revitalizing the future of the financial and payments sector, laying out standard protocols to help fintech firms with its use and ensure uniformity.
Bank of Korea argues it has the right to access data of VASPs due to the risks tied to offering digital asset services, a move opposed by the Financial Services Commission, as digital assets aren't widely used as payments.
The partnership between Samsung and the Bank of Korea entails experimenting with offline payment functionality for CBDC, including studying the possibility of using NFC without an internet connection.