Bank of Korea continuously doing better CBDCs development

The governor of the Bank of Korea said that development work on the Korean Central Bank Digital Currency ( CBDCs) is going very well over other countries.

Bae Joon-suk- the governor at Bank of Korea- speaking at the online conference on payment and settlement systems, shared about the development work on the Korean Central Bank Digital Currency (CBDCs). He stated: 

“(Development of Korena CBDCs is) not one step behind that of any other country.”

Through the statement, Bae confirmed that the CBDCs development plan is going smoothly and more quickly than in other countries. 

Bae took the reference of the CBDCs development and pilot rollout of the Bahamas. Bae said that no doubt that they are doing development and testing it but their development on CBDCs is not considerably better in terms of financial inclusion.

“Some countries like the Bahamas have introduced CBDC or are conducting pilot runs, but it needs to be considered that these countries have slow development in payment settlement systems and insufficient financial inclusion”

Bae asserted that Koren is not lagging behind the research on CBDCs. He also stated that the Central Bank has not made any particular date decision to pilot but soon they will, when the decision is made. 

The testing of the Korean CBDCs started in August of this year and it is expected that they will complete all the trial and mandatory needs and requirements by July 2022. To develop the CBDCs, the Bank of Korea partnered with the internet giant firm Kakao’s blockchain subsidiary Ground X. 

CBDCs development by developing countries 

90% of the leading global central banks are indeed doing their best to research and develop CBDCs but there are many developing countries, which don’t have resources and also don’t have the potential to handle the potential risk, of CBDCs adoption, by making rules. 

Recently, the Central Bank of Peru announced that they will work on the CBDCs development in collaboration with the Central banks of India-like countries. 

Read also: Norway thinking on Sweden’s Crypto Mining ban plan