Bank of Korea plans test-run circulation of digital currency in 2021

It will launch a pilot program to study the potential introduction of a new cryptocurrency.

South Korea’s central bank plans to test-run issuing and circulating a central bank-issued digital currency (CBDC) next year, reports Yonhap News Agency, based on an official announcement.

Bank of Korea (BOK) plans to launch a pilot program to study the potential introduction of a new cryptocurrency.

Just this March, the regulator began reviewing legal and technological issues to check its capabilities for the possible issuance of such a currency under its three-step scheme.

BOK plans to establish and activate a pilot program for a CBDC next year in a way that it will be in charge of issuing and retrieving the digital currency and financial institutions will handle its circulation, according to bank officials.

Other central banks globally are also accelerating their research on digital currencies to brace for a fall in demand for cash and the emergence of cryptocurrency in the private sector, notably regulators in China and Sweden.

Photo courtesy of Pexels.

Also Read

Singapore fintech funding down 10% to $208m in Q3

Why banks will be ‘invisible’ by 2030

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit