South Korea assembles advisory group to prepare for digital won
The panel will decide which laws may need to be amended to guarantee a smooth launch of a South Korean CBDC.
The panel will decide which laws may need to be amended to guarantee a smooth launch of a South Korean CBDC.
Developments in payment settlements were pushing central banks towards taking a more serious look at digital currencies.
The South Korean central bank has reportedly been working on a pilot for a system that would issue and record bonds on a blockchain.
A report by the Bank of Korea pointed out that introducing a CBDC would lead to a decline in commercial banks’ demand deposits, causing a cash shortfall.
The Bank of Korea is launching a pilot program that will explore the feasibility of a cash-free society, and is considering cryptocurrency and blockchain technology to make it happen.