Bank of Korea Seeking Technology to Develop Digital Currency
South Korea’s monetary policy regulator is taking steps to create its own digital coin. Bank of Korea is now looking for a technology provider to develop a test environment for the project. The news comes after major commercial banks expressed skepticism over their cooperation with domestic cryptocurrency exchanges. Central Bank of Korea to Launch Pilot Platform for CBDC The tech supplier will be chosen through an open bidding process, Bank of Korea (BOK) announced Monday. Its task will be to set up a pilot platform for the launch of the South Korean central bank digital currency....
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The Bank Of Korea has effectively concluded the pilot testing of the issuance and distribution of their digital currency. It has also gone to state that BOK will have the central bank digital currency testing program ready by June of 2022. The Bank of Korea has wrapped up the principal phase of its two-part mock […]
Some legal changes would be needed before a potential central bank digital currency launch in South Korea, research indicates.
Samsung, the Korean tech giant, has decided to participate in a central bank digital currency (CBDC) program that is being carried out by the Bank of Korea. The company will be testing the feasibility of using these new instruments in its lineup of Galaxy phones, specifically assessing the possibility of making offline payments between peers. Samsung Participates in Korean Digital Currency Pilot Samsung, the Korean technology behemoth, has agreed to aid the Bank of Korea in running a test pilot for a central bank digital currency that will assess the feasibility of using these instruments....
South Korea's central bank has issue a book on legal matters that would need to be addressed to ensure the smooth operations and usefulness of a future central bank digital currency. Last fall, the Bank of Korea announced it would be testing the distribution of a central bank digital currency in 2021. Preparations appear to be going ahead on multiple fronts, with the bank's publication of a new book today dedicated to the legal questions raised by the potential issuance of such a currency.According to a summary in Korean media, the book calls for revisions to the law to ensure that a....
When it comes to getting at very least some recognition, one would think banks of all entities would be the last to join the group. The Bank of Korea, however, might be surprising us. Reports indicate that the South Korean central bank and issuer of the country's won currency may soon recognize bitcoin as a currency as opposed to a hobby, according to BusinessKorea. Despite the progress, the bank is still of the mindset that the digital currency won't do terribly well long-term: "The BOK said on December 3 that it made a report on bitcoins and is pondering a measure to open the virtual....