Last week the Bank of Korea announced plans to pilot a Central Bank Digital Currency (CBDC). The Bank set out a schedule for the pilot despite having rejected the idea of a CBDC just four months ago.
Talking to the Korea Times on Monday, an official explained: “The U.S. and Japan had had no plans to issue a CBDC in the near future, but they changed their stance recently to enhance research in the emerging area.”
The Bank’s announcement mentioned the ‘market expansion of the private sector is difficult to predict’ in the realm of payments. This may have been an indirect reference to Facebook’s Libra digital currency, but also Korea’s social network Kakao launched the Klaytn blockchain.
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