Bank of Korea Teams Up with LG CNS for Wholesale CBDC Trials

Bank of Korea Teams Up with LG CNS for Wholesale CBDC Trials

The Bank of Korea (BOK) has recently awarded a contract to LG CNS to develop a wholesale central bank digital currency (CBDC) system. The contract is a result of BOK’s plans, announced last October, to conduct two wholesale CBDC trials. The first trial will explore the use of a wholesale CBDC for interbank settlement involving […]

Italy and Korea Forge Partnership on CBDC and RTGS Technology Innovations

Italy and Korea Forge Partnership on CBDC and RTGS Technology Innovations

The Bank of Italy and the Bank of Korea have signed a memorandum of understanding (MOU) focused on exchanging expertise in technologies supporting Real-Time Gross Settlement (RTGS) systems and central bank digital currencies (CBDCs). Their approaches to CBDCs, however, differ significantly. The Bank of Korea is exploring a wholesale CBDC aimed at enhancing tokenized bank […]

100,000 South Korean citizens to begin using digital Won CBDC in 2024 pilot

100,000 South Korean citizens to begin using digital Won CBDC in 2024 pilot

South Korea is set to initiate a digital currency pilot program involving 100,000 citizens. This program, which is a collaborative effort between the Bank of Korea (BOK) and financial regulatory bodies, was announced following a meeting with Agustin Carstens, the general manager of the Bank for International Settlements. The pilot will allow selected participants to […]

South Korea’s Central Bank to Reveal CBDC ‘Blueprint’ in Upcoming Month

South Korea's Central Bank to Reveal CBDC 'Blueprint' in Upcoming Month

According to a report from cryptonews, the Bank of Korea (BOK), the central bank of South Korea, is gearing up to introduce a comprehensive plan for its Central Bank Digital Currency (CBDC) in the upcoming month of September. This strategic move is aimed at accelerating the advancement of the digital Korean won (KRW) as the […]

Bank of Korea Selects Three Regions for Central Bank Digital Currency Pilots

Bank of Korea Selects Three Regions for Central Bank Digital Currency Pilots

The Bank of Korea has taken a significant step forward in its plans to develop a central bank digital currency (CBDC) by narrowing down its choices for pilot testing. According to a report from a local South Korean media outlet, the bank has chosen three regions as candidates for the “private target CBDC test bed”: […]

Samsung is exploring an ‘offline’ digital currency that works with Galaxy phones

Samsung is exploring an ‘offline’ digital currency that works with Galaxy phones

Source: CNBC Consumer tech giant Samsung is looking into launching a central bank digital currency in a collaboration with the Bank of Korea. The South Korean electronics firm said Monday that it had signed a memorandum of understanding with the country’s central bank to conduct technical research on the digital currency. Samsung said such a CBDC, which […]

Bank of Korea finds performance issues with CBDC blockchain tech

Bank of Korea finds performance issues with CBDC blockchain tech

Source: Ledger Insights The Bank of Korea completed the second phase of its retail central bank digital currency (CBDC) simulations in late June and today shared the results. While it was happy with some aspects of its digital won simulations, such as using CBDC for offline payments and cross border remittances, the central bank highlighted performance issues with the […]

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