Yesterday, the Bank of Korea (BOK) released its 2022 Payment and Settlement Systems Report, which among other things, dives into the current status of work on its central bank digital currency (CBDC), the digital won.
The paper says the central bank has now “massively expanded” the dedicated CBDC staff to meet growing demands for research into system designs and institutional issues. It also reflects on its recent CBDC experiments, which have included work with 14 banks on things such as DLT payments for digital assets and cross-border transactions.
Against the backdrop of falling cash usage and accelerated digital transformation, the BOK has been stepping up efforts to assess the desirability and viability of a potential digital won. In 2021, the share of cash payments fell below fifteen percent in terms of value and 22% based on the number of transactions, prompting the central bank to start laying the foundations for a hypothetical launch.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
