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Bank Of Korea To Begin CBDC Infrastructure Pilot

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To move towards the latest financial market infrastructure, BOK (Bank of Korea) first adopted the CBDC (central bank digital currency).

This new pilot comprises public institutions and private banks, while BIS (Bank of International Settlements will take care of its technical expertise.

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Currently, South Korea has become one of the ever-increasing countries surveying the centralized digital currency.

Today, The Bank of Korea announced its first step in adopting the CBDC, a new form of digital money that the central bank issues.

Quick Takes

  • The FSC (Financial Services Commission), the Bank of Korea, and the FSS (Financial Supervisory Services) jointly announced today of collaborating on a project to research the possibility of a future monetary system based on wholesale CBDCs.
  • This new project is a joint effort of the public and private institutions, initially including the commercial bank’s participation.
  • Furthermore, right from the preparation stage of this project, the Bank of International Settlement experts have been offering technical advice on the development and design of the network.
  • The Bank of Korea will test both the wholesale and retail types of the CBDC. The CBDC has two different forms: the retail and the general-purpose CBDCs and wholesale CBDCs.
  • The former will be directly available to general economic bodies like businesses and households. At the same time, the latter will be only accessible to financial institutions for final settlements and interbank fund transfers.
  • Moreover, within its experimental structure, the banks will tokenize their deposits and spread them within the network, monitored by the FSS, FSC, and BOK.
  • Meanwhile, the retail CBDC live testing will commence immediately after the system is set up in quarter 4 of next year.

What’s Happening In Crypto Today?

As of this writing, Bitcoin is trading at $27,537.81, with a slight drop in market cap by 0.32% and a decrease in trading volume by 27.92%.

On the side of Ethereum, its current price is at $1,646.28, with a slight decrease in market cap by 0.78% and a decrease in trading volume by 28.83%.

  • Solana is selling at $23.56, with a slight drop in market cap by 2.60% and a slight drop in trading volume by 3.71%.
  • The price of Cardano is currently at $0.2571, with a slight decline in market cap by 1.88% and a higher drop in trading volume by 12.19%.
  • Meanwhile, Dogecoin is presently trading at $0.0611, with a slight drop in market cap by 1.39% and a decline in trading volume by 30.16%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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