South Korea's digital won to begin distribution phase next year
The South Korean central bank is on track with its CBDC pilot program, but still insists it has no current plans to launch. The South Korean central bank announced on Oct. 7 that it will begin the distribution phase of its central bank digital currency, or CBDC, pilot scheme next year.This will see the digital won enter circulation, with financial institutions getting involved in the distribution and transactions being recorded to the blockchain, according to an article in local media outlet The Korea Herald.As Cointelegraph reported, Bank of Korea's 22-month CBDC pilot scheme launched in....
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The second phase of the CBDC mock testing is expected to complete by June this year The Bank of Korea has successfully completed the first phase of its central bank digital currency mock testing started in August 2021. The South Korean central bank said that the first phase of its CBDC mock testing was completed in December while the second phase is currently underway, reported YNA news. The first phase of the mock test involved some of the basic functions of the sovereign digital currency such as distribution and issuance.The second phase of the central bank digital currency (CBDC) pilot....
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 […]
Indonesia and South Korea are thinking about joining forces in an attempt to boost the FinTech industry to help the burgeoning sector in both countries, reports The Jakarta Post. Last month South Korea announced that it is going to introduce bitcoin regulations in 2017 as digital currencies continue to grow in the country. According to the report, bitcoin adoption has increased significantly in South Korea, amounting to 1.5 trillion won in transactions. It was recently reported that the South Korean government was pushing ahead with the system expansion of digital currency to promote the....
Amid the ongoing controversy surrounding virtual asset taxation in the country, South Korea’s Financial Authority recently proclaimed non-fungible tokens (NFT) as taxable. On Tuesday, The Financial Services Commission (FSC) of South Korea, announced that it would start taxing NFTs. According to The Korea Herald, from January next year, this tax law amendment would impose a […]
South Korea is making efforts to prepare “Systematic Groundwork” for the spread of digital currency. According to South Korea’s Yonhap agency, the country recently hosted the 12th Fintech Center Demo Day event, where Yim Jong-yong, chairman of the Financial Services Commission (FSC), declared that the South Korean government would also offer $2.65 bln in financial support over the next 3 years for the development of the fintech sector. Cointelegraph has already reported new Bitcoin centric developments in South Korea recently and how things are changing fast in Korea in sync with....