KoreaTechToday - Korea's Leading Tech and Startup Media Platform
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
No Result
View All Result
KoreaTechToday - Korea's Leading Tech and Startup Media Platform
No Result
View All Result
Home South Korea

Bank of Korea Seeks Partner to Establish Pilot Digital Currency Platform

 667 total views,  1 views today

KoreaTechToday Editor by KoreaTechToday Editor
PUBLISHED: May 25, 2021 UPDATED: May 28, 2021
in South Korea, Tech Industry
0
South Korean central bank, Bank of Korea, announced its plans to set up a central bank digital currency, advancing the financial service digitalization.
South Korean central bank, Bank of Korea, announced its plans to set up a central bank digital currency, advancing the financial service digitalization.

South Korean central bank, Bank of Korea, announced its plans to set up a central bank digital currency, advancing the financial service digitalization.

South Korea’s central bank, the Bank of Korea (BOK), announced that it is currently seeking to assess the functionality of establishing a pilot digital currency platform. According to BOK, this move enables it to move closer to its goal of launching a central bank-supported electronic currency.

Over the recent years, bitcoin and other cryptocurrencies’ popularity have grown rapidly and extensively. After the large-scale growth of digital asset usage, cryptocurrencies have launched a cutthroat market competition against traditional cash. This new market condition could also significantly alter how the current financial sector functions.

Furthermore, BOK shared its plans to create a central bank digital currency (CBDC). To this end, BOK continues to take bids, looking for partners that would supply the project’s needed technologies. In line with its plans to launch an electronic currency platform, BOK and its tech partners would study digital won’s effectiveness and practicality.

A BOK official stated that all its current moves coincide with its preparation to tackle the rapidly changing payment systems. BOK said that the pilot CBDC would conduct simulations for retail outlets and commercial banks. It would also incorporate deposit operations, mobile phone payments, money transferring, and more.

Financial Services’ Global Digitalization

BOK also emphasized it would conduct the CBDC trial runs to evaluate the existing electronic currencies’ capabilities and performance. After the tests, BOK would utilize the accumulated data to establish cryptocurrencies as day-to-day goods and services remittances. BOK would begin the CBDC trial run from August 2021 to June 2022.

At present, South Korea ranks as the fourth-largest Asian economy, making it one of the most suitable test market environments. As one of the most technologically advanced nations globally, South Korea has also participated in the cryptocurrency adoption initiative. It would be joining other nations in paving the way for digital currency implementation, further advancing global digitalization.

Worldwide central banks also continue to observe and invest in electronic currency development to modernize existing financial systems. For instance, China is readying to deploy a digital yuan currency officially before 2021 ends. Similarly, Pakistan is at the preparation stages to launch a digital fiat, while Britain plans to establish a digital pound.

Additionally, the Bank for International Settlements’ (BIS) survey results indicated that 86% of the participating banks already began adopting cryptocurrencies. 15% of the participants have also conducted trial runs for the digital asset application. BIS also expects central banks that service one-fifth of the global population to launch locally developed electronic currencies.

Check out other must-read articles from KoreaTechToday:

  • LG CNS Introduces AI-Powered Face Recognition Community Currency
  • Kakao Showcases Kakao Work and KakaoTalk Digital Wallet at OECD
  • Samsung Delivers Advanced Galaxy Device Blockchain-Based Security
  • FirmaChain, Bluehelix Collaborate to Develop Blockchain-Based Tech
What’s your thoughts?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
Tags: Bank of KoreaBOKcentral bankdigital currencydigital currency platform

Related Posts

South Korea gears up to bring World Expo 2030 to Busan
South Korean central bank, Bank of Korea, announced its plans to set up a central bank digital currency, advancing the financial service digitalization.
South Korea

South Korea gears up to bring World Expo 2030 to Busan

March 11, 2023
South Korea to commercialize Quantum Cryptography Communications
South Korean central bank, Bank of Korea, announced its plans to set up a central bank digital currency, advancing the financial service digitalization.
Tech Industry

South Korea to commercialize Quantum Cryptography Communications

March 10, 2023
South Korea plans Urban Air Mobility Air Taxi services by 2025
South Korean central bank, Bank of Korea, announced its plans to set up a central bank digital currency, advancing the financial service digitalization.
Tech Industry

South Korea plans Urban Air Mobility Air Taxi services by 2025

February 24, 2023
Samsung headquarters
South Korean central bank, Bank of Korea, announced its plans to set up a central bank digital currency, advancing the financial service digitalization.
South Korea

Korea’s top 100 companies’ economic contribution soar by 20%  in 9 years

July 20, 2022
South Korea curbs tech leaks to foreign countries
South Korean central bank, Bank of Korea, announced its plans to set up a central bank digital currency, advancing the financial service digitalization.
South Korea

South Korea curbs tech leaks to foreign countries

February 8, 2022
Hyundai Rotem set to provide upgraded army tank variants to South Korea
South Korean central bank, Bank of Korea, announced its plans to set up a central bank digital currency, advancing the financial service digitalization.
South Korea

Hyundai Rotem set to provide upgraded army tank variants to South Korea

February 2, 2022
No Result
View All Result

Follow Us

FREE NEWSLETTER




PRODUCTS

Most Popular

  • 5 Best Korean to English Translation Apps

    0 shares
    Share 0 Tweet 0
  • Top South Korean Tech Products to Look Out for in 2021

    0 shares
    Share 0 Tweet 0
  • Robots to help Police Patrol in South Korea

    0 shares
    Share 0 Tweet 0
  • South Korea plans Urban Air Mobility Air Taxi services by 2025

    0 shares
    Share 0 Tweet 0
  • 5 All-Time Best Rom-Com K-Dramas to Watch

    0 shares
    Share 0 Tweet 0
  • SK On to introduce South Korea’s first LFP Battery Prototype

    0 shares
    Share 0 Tweet 0
  • Outsourcing by Samsung to China Feared by Phone Parts Suppliers

    0 shares
    Share 0 Tweet 0
  • South Korea to commercialize Quantum Cryptography Communications

    0 shares
    Share 0 Tweet 0
  • Top Eight Promising EdTech Startup Companies in South Korea

    0 shares
    Share 0 Tweet 0
  • Netmarble subsidiary Metaverse Entertainment’s K-Pop virtual girl band MAVE has a smashing online debut

    0 shares
    Share 0 Tweet 0
  • About Us
  • Account Page
  • application form
  • Cookie policy
  • Default Redirect Page
  • homepage
  • Login
  • login form
  • LogOut
  • Newsletter
  • Privacy Policy
  • Register
  • Reset Password
  • Sample Page
  • Subscription Plan
  • Terms of Use
  • test
  • test
  • testpage
  • TOS Page
  • Visitor Inside User Page

Copyright © 2023 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : press@koreatechtoday.com |

No Result
View All Result
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government

Copyright © 2023 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : press@koreatechtoday.com |