South Korea is joining a growing number of countries researching central bank digital currencies (CBDCs). The Bank of Korea (BOK), Financial Services Commission (FSC), and Financial Supervisory Service (FSS) announced a pilot project to explore the technical infrastructure for a digital currency. The project will assess the viability of a future monetary system based on wholesale CBDCs and will include private banks and public institutions. The Bank for International Settlements (BIS) will provide technical expertise. The BOK will test both retail and wholesale types of CBDC. The live testing of the retail CBDC is expected to begin in Q4 2024.
Lee Myung-soon, the First Deputy Governor of the FSS, said the pilot is a step towards creating a prototype for the future monetary system. This sentiment was echoed by Denis Beau, the first deputy governor at Banque de France, who said CBDC could be the catalyst for improving cross-border payments and building a new international monetary system.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇫🇷 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Denis Beau, Lee Myung-soon |
| Companies | Bank for International Settlements (BIS), Financial Supervisory Service (FSS), Banque de France, Financial Services Commission (FSC), Bank of Korea (BOK) |
| Currencies | South Korean Won, ForTube, Bankless DAO, Ethereum, Bitcoin, Denet File Token |
| Securities | None |
