Bank of Korea Included Digital Currency to the State Program for Economic Development

Central bank of South Korea confirmed its digital currency development plans (CBDC). This is evidenced by the economic development program prepared by the regulator until 2030, as Regulation Asia writes.

Bank of Korea Included Digital Currency to the State Program for Economic Development
Bank of Korea Included Digital Currency to Economic Development Program

Taking into account foreign countries` interest in creation of their own CBDC, Bank of Korea is aimed to facilitate the emergence of digital won “in case of need”.

“Some central banks contribute to the implementation of CBDC, private sector also expands fintech-technologies, digital currencies and payment apps usage. We must actively react at all the changes”, — it is informed in the document.

The development program includes creation of units for the study of blockchain, artificial intelligence (AI) and Big Data. It is expected that these technologies will let the regulator to provide more complicated economic forecasts and statistical data.

Earlier, central bank of South Korea informed about the intention to determine the requirements for creating a digital won in the period up to July 2020. Testing of the CBDC pilot system is scheduled for 2021.

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