SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s central bank, in coordination with the government and the country’s largest lenders, is preparing to test the use of central bank digital currency (CBDC) for distributing public subsidies, a move officials say could curb misuse and improve accountability. According to financial industry sources, the six major banks [...]
SEOUL, May 22 (Korea Bizwire) – In an unusual move underscoring the strategic importance of South Korea’s digital currency initiatives, Bank of Korea Governor Rhee Chang-yong has personally visited the heads of the country’s major commercial banks, urging their active participation in two key central bank digital currency (CBDC) pilot projects. According to industry sources, Rhee [...]
SEOUL, Nov. 6 (Korea Bizwire) — South Korea’s central bank said Wednesday it will test the feasibility of a digital voucher based on a tokenized deposit as part of its trial to introduce a wholesale central bank digital currency (CBDC). Along with the Financial Services Commission, the Ministry of Science and ICT, and the Bank [...]
SEOUL, May 16 (Korea Bizwire) — Samsung Electronics Co. and the Bank of Korea (BOK) on Monday signed an agreement to advance technology related to the offline central bank digital currency (CBDC) currently under development. In the previous year, Samsung participated in the central bank’s second phase of the CBDC mock test research. As a [...]
LONDON and NEW YORK, July 28 (Korea Bizwire) — Webtel.mobi (“WM”), the global telephony company that has developed the world’s first functional Global Digital Currency equivalent and Global CBDC equivalent – the “TUV” – has issued its Briefing Document to International Consultancy Frost & Sullivan for the valuations of its three types of TUV (the [...]
LONDON and NEW YORK, July 25 (Korea Bizwire) – The most recent Research Reports and Publications of proposed CBDCs and their potential reforms of the Global Financial System issued by: The BIS (Bank for International Settlements – the Central Banks’ Central Bank), The IMF (International Monetary Fund), The World Bank, The US Treasury’s Office of [...]
SEOUL, Jan. 24 (Korea Bizwire) – The Bank of Korea (BOK) said Monday it has successfully completed its first phase of a two-step mock test of the feasibility of a central bank digital currency (CBDC) as it is reviewing whether to introduce the potential new form of money. The BOK launched the first phase in [...]
NEW YORK, Oct. 28 (Korea Bizwire) — Although 2021 has seen increased activity in the field of international discussion and planning in respect of CBDC development, the discussions and views are both diverse and divergent from each other. There is no central guiding point, and there are significant differences of opinion between the end-aims and [...]
ST PETER PORT, Guernsey and NEW YORK, Oct. 20 (Korea Bizwire) — In order for a proposed CBDC or other Global Digital Currency to function as a globally acceptable medium of exchange – as opposed to being just an internal mechanism within a country – there will first have to be global agreement among countries [...]
NEW YORK, Oct. 19 (Korea Bizwire) — At this time, multiple entities worldwide are pursuing the creation of Digital Currencies and CBDCs. Among these entities, there is much debate as to the potential of the proposed CBDCs – including their possible or potential effects on economies, peoples’ lives, other businesses etc. There are multiple varying [...]