Bitcoin
Bitcoin (BTC)
$64,650.00 -1.77026
Bitcoin price
Ethereum
Ethereum (ETH)
$3,114.89 -8.08515
Ethereum price
BNB
BNB (BNB)
$564.45 -2.70943
BNB price
Solana
Solana (SOL)
$167.24 -6.40862
Solana price
XRP
XRP (XRP)
$0.6002130 -2.73319
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000159 -6.78877
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000113 -8.50304
Pepe price
Bonk
Bonk (BONK)
$0.0000264 -7.39327
Bonk price
Bitcoin
Bitcoin (BTC)
$64,650.00 -1.77026
Bitcoin price
Ethereum
Ethereum (ETH)
$3,114.89 -8.08515
Ethereum price
BNB
BNB (BNB)
$564.45 -2.70943
BNB price
Solana
Solana (SOL)
$167.24 -6.40862
Solana price
XRP
XRP (XRP)
$0.6002130 -2.73319
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000159 -6.78877
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000113 -8.50304
Pepe price
Bonk
Bonk (BONK)
$0.0000264 -7.39327
Bonk price
Bitcoin
Bitcoin (BTC)
$64,650.00 -1.77026
Bitcoin price
Ethereum
Ethereum (ETH)
$3,114.89 -8.08515
Ethereum price
BNB
BNB (BNB)
$564.45 -2.70943
BNB price
Solana
Solana (SOL)
$167.24 -6.40862
Solana price
XRP
XRP (XRP)
$0.6002130 -2.73319
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000159 -6.78877
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000113 -8.50304
Pepe price
Bonk
Bonk (BONK)
$0.0000264 -7.39327
Bonk price
Bitcoin
Bitcoin (BTC)
$64,650.00 -1.77026
Bitcoin price
Ethereum
Ethereum (ETH)
$3,114.89 -8.08515
Ethereum price
BNB
BNB (BNB)
$564.45 -2.70943
BNB price
Solana
Solana (SOL)
$167.24 -6.40862
Solana price
XRP
XRP (XRP)
$0.6002130 -2.73319
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000159 -6.78877
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000113 -8.50304
Pepe price
Bonk
Bonk (BONK)
$0.0000264 -7.39327
Bonk price

South Korea to pilot wholesale CBDC with commercial banks

south-korea-to-pilot-wholesale-cbdc-with-commercial-banks
Edited by
News
South Korea to pilot wholesale CBDC with commercial banks

The Bank of Korea (BOK), is launching a pilot project in collaboration with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to explore the implementation of a central bank digital currency (CBDC).

The primary objective of this pilot is to assess the practical aspects of a wholesale CBDC network in cooperation with commercial banks and the public.

South Korea to pilot wholesale CBDC with commercial banks - 1
CBDC transfer mechanism between banks | Source: The Bank of Korea

The central bank won’t introduce a retail CBDC to avoid bank disintermediation. Instead, they’ll research the currency’s technology, while the government looks for innovative ways to get people interested in cryptocurrencies.

“Koreans are widely known for their active involvement in crypto trading. Furthermore, there exists an active interest and significant investment in the field of blockchain technology from both large scale enterprises and start-ups.”

The Bank of Korea

With wholesale CBDCs, the regulator seeks new ways to “enhance payment system efficiency.” As part of the pilot, the BOK will also establish a working group to reduce legal uncertainty.

Although the public is said to have the opportunity to test CBDCs by the end of 2024, the BOK did not provide a timetable for the pilot.