South Korea's central bank, in collaboration with key agencies and the BIS, embarks on a pioneering CBDC program.
On 4 October, the Bank of Korea , South Korea’s central bank, along with the Financial Services Commission and the Financial Supervisory Service , jointlythe launch of a CBDC pilot project. The project’s aim is to assess the feasibility of a future monetary system based on “wholesale CBDCs.”
Banks will tokenize their deposits and circulate them within a network monitored by the BOK, the FSC, and the FSS. The entirety of the process will be within the scope of the wholesale CBDC experiment. Lee Myung-soon, the first deputy governor of the FSS, emphasized the importance of the pilot in shaping the future monetary system. He stated,
This move aligns with the global trend of exploring CBDCs as potential catalysts for cross-border payments.similar sentiments on 3 September, describing CBDCs as “the catalyst for improving cross-border payments by enabling the build-up of a new international monetary system.”
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