The Central Bank of South Korea has confirmed plans for the development of digital currency (CBDC). This is evidenced by the regulator’s economic development program until 2030, Regulation Asia writes.
Given the interest of foreign countries in creating their own CBDC, the Bank of Korea intends to promote the emergence of a digital won “if necessary”.
“Some central banks are promoting the implementation of CBDC, the private sector is also expanding the use of fintech technology, digital currencies, and payment applications. We must actively respond to all these changes,” the document says.
The development program includes the creation of a unit for the study of blockchain, artificial intelligence, and Big Data. These technologies are expected to enable the regulator to provide more sophisticated economic forecasts and statistics.
Earlier, the South Korean central bank announced its intention to determine the requirements for creating a digital won until July 2020. The testing of the CBDC pilot system is scheduled for 2021.