The Bank of Korea (BoK) has unveiled its roadmap for a wholesale central bank digital currency (CBDC). This initiative seeks to explore the Bank for International Settlements’ (BIS) Unified Ledger concept, which would allow both the CBDC and other tokenized assets to coexist on a singular network. The BoK is also looking to harness Korea’s local blockchain expertise to revolutionize payments and financial services.The BoK is envisioning a trio of digital currencies, including programmable tokenized deposits, e-money backed by the wholesale CBDC, and digital currencies designed for circulation on alternate platforms. Commercial banking entities will operate nodes on the mutual permissioned blockchain, chronicling digital currency transactions and ownership. The BoK is also exploring asset transfers via bridges to other ledgers and asset exchanges using Hashed TimeLock Contracts (HTLC).The BoK, Financial Services Commission, and Financial Supervisory Service are teaming up with other regulators to find a competent IT system integrator.

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Information	Details
Geography	Asia
Countries	🇸🇬
Sentiment	neutral
Relevance Score	8
People	Bank for International Settlements, Bank of Korea, Financial Supervisory Service, Financial Services Commission
Companies	Bank for International Settlements, Financial Services Commission, Bank of Korea, Financial Supervisory Service, Hashed TimeLock Contracts, Distributed Ledger Technology
Currencies	tokenized deposits, Bankless DAO, tokenised voucher, e-Money EUR, Digital Reserve Currency, hashed timelock contracts (htlc).
Securities	None