How Far Has Digital Currency Come... Bank of Korea to Hold Conference on the 8th

[Image source=Yonhap News]

The Bank of Korea will hold a conference to share the progress of its research and development on digital currency (CBDC) conducted so far.

On the 7th, the Bank of Korea announced that it will hold a payment and settlement system conference on the 8th under the theme "Central Bank Digital Currency (CBDC): The Bank of Korea's Preparation and Vision."

The moderator, presenters, and discussants will conduct presentations and discussions face-to-face on site, and it can be watched live through the Bank of Korea's official YouTube channel.

At the conference, research results on the impact of central bank CBDC issuance on monetary policy and financial stability will be introduced, and the progress and future plans of the Bank of Korea's CBDC research and development will be shared.

The Bank of Korea conducted a CBDC pilot experiment research from August last year to June this year to examine the technical feasibility of distributed ledger-based CBDC implementation.

As a result, it confirmed that the basic functions of CBDC such as manufacturing, issuance, and distribution operate normally, and verified the extended functions such as offline payments, digital asset transactions, cross-border remittances, and the applicability of new IT technologies.

The Bank of Korea explained, "The decision to introduce CBDC must be premised on a robust technical foundation, institutional preparation, and social consensus," and "we plan to carry out additional supplementation and verification work on various design models in the future and strengthen domestic and international cooperation."

This content was produced with the assistance of AI translation services.