The Bank of Korea (BoK) has unveiled its roadmap for a wholesale central bank digital currency (CBDC). This initiative seeks to explore the Bank for International Settlements’ (BIS) Unified Ledger concept, which would allow both the CBDC and other tokenized assets to coexist on a singular network. The BoK is also looking to harness Korea’s local blockchain expertise to revolutionize payments and financial services.The BoK is envisioning a trio of digital currencies, including programmable tokenized deposits, e-money backed by the wholesale CBDC, and digital currencies designed for circulation on alternate platforms. Commercial banking entities will operate nodes on the mutual permissioned blockchain, chronicling digital currency transactions and ownership. The BoK is also exploring asset transfers via bridges to other ledgers and asset exchanges using Hashed TimeLock Contracts (HTLC).The BoK, Financial Services Commission, and Financial Supervisory Service are teaming up with other regulators to find a competent IT system integrator.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Bank for International Settlements, Bank of Korea, Financial Supervisory Service, Financial Services Commission |
| Companies | Bank for International Settlements, Financial Services Commission, Bank of Korea, Financial Supervisory Service, Hashed TimeLock Contracts, Distributed Ledger Technology |
| Currencies | tokenized deposits, Bankless DAO, tokenised voucher, e-Money EUR, Digital Reserve Currency, hashed timelock contracts (htlc). |
| Securities | None |
