A month ago, we reported that the Bank of Korea (BOK) was looking to partner with a consulting firm for its central bank digital currency (CBDC). Today it shared more details about its plans for a digital won that includes a two-tier system using banks for retail distribution, in a similar manner to physical cash, reported Yonhap news.
The Bank plans to use blockchain or distributed ledger technology, referring to it as the CBDC ledger.
It might be motivated by the additional programmability that tokenized cash offers. Earlier this year, BOK disclosed that it was working on a pilot for government bonds, using blockchain for settlement and delivery versus payment. A tokenized CBDC or stablecoin would be a requirement for this use case.
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.
