Bank of Korea plans to organize a taskforce dedicated to CBDC

The central Bank of Korea announced to organize a task force dedicated to central bank digital currency (CBDC) research for a better understanding.

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According to the Koran Times report, The Bank of Korea will continue to build on the research into innovations, such as distributed ledger technology, crypto assets, and CBDC, playing an active role as supervisor to improve the security of the settlement systems.

 

Bank of Korea plans to recruit additional CBDC experts.

As reported by the Korean Times, the central bank of Korea posted a job opening for digital currency experts. The bank will also actively engage in discussions with the Bank for International Settlements (BIS) and other international organizations to keep an eye on CBDC development at other central banks. Hong Kyung-Sik, head of the central bank’s payment and settlement systems department, said that BOK “is considering issuance of digital currency.”

 

South Korea joins the race to launch CBDC.

The central banks of many countries around the world are considering to issue central bank-backed digital currency. However, the central bank of Korea denied any rumors of launching a CBDC anytime soon. The bank clarified that they plan to strengthen their efforts for CBDC research. China, on the other hand, is all set to launch its national digital currency sometime next year. The People’s Bank of China announced its plan to test the digital currency in two cities early next year.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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