Bank of Korea Archives

South Korea commits $14.5 million to experiment with CBDC, digital vouchers

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23 June, 2024

South Korea commits $14.5 million to experiment with CBDC, digital vouchers

South Korea is doubling down on its blockchain investment, with the latest being a $14.5 million investment to explore CBDC...

Bank of Korea eyes wholesale CBDC, tokenized deposits with LG CNS

Business

Wahid Pessarlay

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24 December, 2023

Bank of Korea eyes wholesale CBDC, tokenized deposits with LG CNS

Bank of Korea is collaborating with LG CNS to develop a CBDC system for tokenized deposits, utilizing LG CNS's expertise,...

Bank of Korea governor urges banking regulators to introduce CBDCs

Business

Wahid Pessarlay

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21 December, 2023

Bank of Korea governor urges banking regulators to introduce CBDCs

Bank of Korea Governor Rhee Chang-yong urges swift CBDC adoption to counter stablecoin risks, accelerating plans with launching 2024 retail...

South Korea CBDC pilot launching in 2024 with over 100,000 participants

Business

Wahid Pessarlay

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30 November, 2023

South Korea CBDC pilot launching in 2024 with over 100,000 participants

The Bank of Korea will begin its retail CBDC pilot in 2024, testing use cases like payments for government grants...

BIS urges central banks to move fast on CBDC as Visa stablecoin threat looms

Business

Steve Kaaru

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27 November, 2023

BIS urges central banks to move fast on CBDC as Visa stablecoin threat looms

The Bank for International Settlements general manager and the governor of South Korea’s central bank talked about the need for...

Bank of Korea teams up with BIS, local institutions for wholesale CBDC experiment

Business

Wahid Pessarlay

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9 October, 2023

Bank of Korea teams up with BIS, local institutions for wholesale CBDC experiment

The Bank of Korea is looking to develop a new monetary system that focuses on the use of a wholesale...

Bank of Korea eyes 3 cities outside of Seoul for CBDC pilot

Business

Wahid Pessarlay

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10 August, 2023

Bank of Korea eyes 3 cities outside of Seoul for CBDC pilot

As the CBDC pilot launch reveals challenges, plans, and cautious approach, Bank of Korea moves closer to test real-world applications...

South Korea hints at future CBDC in new financial report

Business

Wahid Pessarlay

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25 July, 2023

South Korea hints at future CBDC in new financial report

South Korea joins the growing list of countries exploring CBDCs, with its central bank unveiling plans to study and possibly...

South Korea passes bill aimed at protecting consumers a year after Terra’s collapse

Business

Wahid Pessarlay

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7 July, 2023

South Korea passes bill aimed at protecting consumers a year after Terra’s collapse

The latest bill comes with severe consequences for breachers but pundits claimed that the regulation is stuck in the perspective...

Singapore central bank’s white paper explores standards, use cases for digital money

Business

Wahid Pessarlay

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26 June, 2023

Singapore central bank’s white paper explores standards, use cases for digital money

Singapore believes digital money would be key in revitalizing the future of the financial and payments sector, laying out standard...

In South Korea, a power tussle is brewing for right to regulate digital assets

Business

Wahid Pessarlay

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21 May, 2023

In South Korea, a power tussle is brewing for right to regulate digital assets

Bank of Korea argues it has the right to access data of VASPs due to the risks tied to offering...

Business

Wahid Pessarlay

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19 May, 2023

Bank of Korea taps Samsung to spearhead offline CBDC research

The partnership between Samsung and the Bank of Korea entails experimenting with offline payment functionality for CBDC, including studying the...

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