Tag Archives: BOK

The Bank of Korea will be looking to use the pilot stage of its CBDC to determine things such as acceptability and ease of use. South Korea, through its apex bank – The Bank of Korea (BOK) – has revealed its plans to begin testing its central bank digital currency (CBDC) in 2024. A local news outlet Korea Times confirmed the report, saying that the testing will begin either by September or October, running for three months. The report also claimed that South Korea will allow 100,000...

CoinspeakerBank of Korea to Explore CBDC Testing in Selected Regions Outside Seoul  While the CBDC testing is scheduled for next year, the road to CBDC implementation is not without its challenges. Bank of Korea to Explore CBDC Testing in Selected Regions Outside Seoul 

Samsung and BOK will continue to explore new ways of developing a CBDC ecosystem and leverage the NFC technology to power offline CBDC payments. The latest development in the crypto space is that South Korean tech giant Samsung Electronics has decided to work with the central bank – Bank of Korea – in order to build an ecosystem for the offline payments of the central bank digital currency (CBDC). Both players have signed a memorandum of understanding (MoU) at Samsung’s headquarters in...

Over the past year, several nations or banks of nations have come forth and issued plans to create digital currencies that its residents or citizens can utilize to purchase both goods and services. Strangely, the Bank of Korea (BOK) is not one of those regions.BOK: Now Is Not the Time for a Digital CurrencyBOK, despite rumors that the area was looking to establish a stronger presence in the digital currency space through a digitized form of fiat, has come forward to explain that it’s not...