Advances in Blockchain Drives Banks Toward Digital Currencies, Says Bank of Korea

   2020-05-22 18:05

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South Korea’s central bank, the Bank of Korea, has performed new research and analysis on the development of central bank digital currencies– or CBDCs– around the world.The bank released its” Overseas CBDC Progress Report” on Might 18, in which the institution examined the CBDC projects of 14 main banks.New tech is a drivers for CBDC jobs The bank discovered that recent advances in payment settlements, decentralized ledger technology and the sharp declines in money usage are the primary aspects driving reserve banks to research and establish CBDCs.Most central banks in the report are currently developing IT systems to analyze the expediency of the established CBDC model.According to the report, reserve banks in Sweden, Singapore, Canada, Japan, Thailand, Hong Kong have exposed the application of dispersed ledger technology in their respective CBDC research study. Bank of Korea explained:”A lot of reserve banks are concentrating on research on whether new future-oriented technologies can be applied to CBDCs, far from the centralized journal management and account-based transactions that are presently used to payment and settlement systems.”Little vs. large payments Norway, the Eastern Carribean Central Bank, the Bahamas, Sweden, the UK and China are researching CBDCs for micropayments, while Switzerland

, Singapore, Canada, Thailand, Hong Kong, and France are focusing their CBDC efforts for handling large amounts. According to the report, Sweden and China have currently completed proofs-of-concept and have reached the pilot stage, while the Bahamas ‘CBDC remains in trial operation. The Eastern Carribean Reserve Bank

, Japan, the European Central Bank, Singapore, Canada, Thailand and Hong Kong are still exploring the concept of a CBDC.Further plans Bank of Korea stated it is considering the



possibility of utilizing various dispersed journal platforms such as Hyperledger Material and Coda in its own CBDC job. The bank will continue to exchange details with tech firms

at home and abroad

, and plans to seek external technical advisors.Cointelegraph reached out to the bank for extra details however received no action as of press time. This post will be upgraded accordingly should a reaction been available in.

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