• The Central Bank of Korea is planning to appoint a taskforce dedicated to CBDC research
  • The Monetary Policy for 2020 covers research for DLT, crypto assets and CBDC

As reported by local news outlet Korea Times, the Bank of Korea (BOK) is planning to set up a taskforce exclusively for CBDC research, following the crypto boom which has garnered the attention of several central banks from around the world. BOK also plans to recruit additional CBDC experts as Hong Kyung-Sik, head of the central bank’s payment and settlement systems department, said that the bank is considering the issuance of digital currency, although not anytime soon.

As of now, the BOK underscored its priority to strengthen efforts for the CBDC research. The bank said:

“We will actively engage in discussions with the Bank for International Settlements (BIS) and other international organizations, keeping an eye on CBDC development at other central banks.”

South Korea is actively trying to extend support for adequate research into emerging technologies. As part of the Monetary Policy for 2020, BOK said that it will keep up the research work on emerging technologies and innovations, such as distributed ledger technology, crypto assets and CBDC, to tighten the security of settlement systems.

Several countries are showing a keen interest in CBDC, of late. The People’s Bank of China (PBoC) will soon get on board with the testing and promotion of the digital currency in the cities of Shenzhen and Suzhou, sometime in 2020. France will also begin testing of CBDC in early 2020.

 

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