The Bank of Korea plans to examine the introduction of CBDC and actively pursue related research

The Bank of Korea announced that it would review the needs related to the introduction of CBDC (Central Bank issued digital currency) and actively pursue related research. On June 9, Bank of Korea announced ‘BOK2030’, a medium-term development strategy, and commented on the issue of CBDC. Bank of Korea announced that it would actively respond to digital innovation, by saying “Some central banks are promoting the introduction of CBDC. The use of fintech, digital currency, payment application, etc. in the private area is also spreading. We also need to respond actively.” It said, “In order to actively respond to changes in the environment for future payment system, we will proactively review technical and legal requirements related to the introduction of CBDC and actively pursue related research. Based on the trend of CBDCs in major countries, Bank of Korea will also make preparations for the introduction of domestic CBDCs if necessary.” The Bank of Korea plans to create a dedicated organization to apply new research techniques such as AI, big data, and blockchain to promote digital innovation. If necessary, cooperation with external organizations will also be an option. A digital innovation room will be established as a working department. Bank of Korea will empower the Chief Digital Strategy Officer (CDSO) to drive digital transformation quickly and efficiently. The Bank of Korea proposed the four strategic goals of this BOK2030; the expansion of policy areas and measures, qualitative advancement of R&D, active promotion of digital innovation, and step-by-step personnel innovation. Major research projects include the central bank digital currency R&D, establishment of research committee, establishment of a digital innovation room, and innovation of mid- to-long-term personnel management. Meanwhile, Bank of Korea announced in April that it will conduct a pilot test for CBDC until next year. At the time, an official from Bank of Korea said, “The need for issuing CBDCs in the near future is not great in Korea, given the cash demand, competitive payment services, and high levels of financial inclusion that still exist. However, we will respond promptly to changes in internal and external conditions.” ※This article is published with the permission of Blockmedia.

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