The Bank of Korea plans to begin a wholesale central bank digital currency pilot in partnership with the Bank for International Settlements.
Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro
The Bank of Korea plans to begin a wholesale central bank digital currency test in partnership with the Bank for International Settlements and other institutions.details of the experiment, with its primary focus being the feasibility of a future monetary system built upon wholesale CBDCs.will test whether a wholesale CBDC can be used as a settlement asset for commercial bank tokenized deposits. The scheme will also experiment with the programmability of tokenized deposits.
The BoK has already conducted retail CBDC trials but determined that a retail CBDC is not currently necessary due to the efficiency of the Korean payment landscape.
According to the BIS's unified ledger blueprint, the concept will utilize smart contracts to eliminate free-riding and contribute to the stability of bank funding. “A smart contract could specify that each participant contributes only a certain amount to a joint venture if all other participants also contribute, this way, free-riding is eliminated,” the BIS
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of Korea to start CBDC infrastructure pilotThe live testing of the retail CBDC should begin right after the system setup in Q4 2024.
Read more »
CBDC lays foundation for new global monetary system: French central bankThe official emphasized the necessity of considering the cross-border issue regarding CBDCs from the outset and not as an afterthought.
Read more »
PNC Bank buys $16.6 bln capital commitment portfolio from Signature Bridge BankPNC Financial Services' banking unit said on Tuesday that it had bought a portfolio of capital commitments from Signature Bridge Bank worth $16.6 billion in an agreement with the Federal Deposit Insurance Corp as receiver.
Read more »
EU Plans for Wholesale CBDC Out Within Weeks, French Central Banker SaysA central bank digital currency usable by financial markets is moving faster than a more controversial plan targeting regular citizens.
Read more »
Bank of America Chicago Marathon street closures beginWith less than a week to go, barricades and street closures for the 45th annual Bank of America Chicago Marathon coming up Sunday, October 8 have begun to take shape.
Read more »