The Bank of Korea (BOK), South Korea’s central bank, sets up a dedicated task force to strengthen central bank digital currencies (CBDC) research. According to a BOK official, CBDC research experts are being reinforced by the end of this month and digital currency issuance is under review.
Meanwhile, the BOK plans to keep watching on monitoring the progress of issuing digital currencies by major national central banks and maintain actively engage in relationships and discussions with relevant international organizations such as Bank of International Settlements (BIS). BIS and IMF have long stressed the need for CBDC.
According to the Bank of Korea’s "Monetary Policy for 2020." which
In particular, research on distributed ledger technology, crypto assets, and CBDC will
When the BOK issues a blockchain-based CBDC and tests, it will be smooth to set up a monetary policy with transparent liquidity statistics to stabilize the financial system.