Bank Of Korea Is Initiating A Test Program For Launching Its Cryptocurrency
By Mark Lemon- Cryptocurrency Specialist
A local report on April 6 reveals the actions taken by the Bank of Korea (BOK) regarding the test program. This test program is to check for the banks capabilities and requirements needed to launch a Central Bank Digital Currency (CBDC).
The report shows that while the test program was started last month, it won’t be till the end of the next year that they will be able to provide an influential conclusion. The bank has already noticed that there is a huge competition in this field as many people already buy Bitcoin, Ethereum and other cryptocurrency native to one of the thousands of blockchains. Along with the fact that BOK feels the need to issue a CBDC soon as slim, it would suggest it unlikely for the bank to introduce its own cryptocurrency.
The major reason for such testing is to figure out what it takes to launch a blockchain-based digital currency, which includes some requirements of legal provisions and the required technologies. Moreover, the bank states that they want to take all measures to evolve according to the situation of global financial markets.
The Bank of International Settlements also reported cash, credit cards, and PIN pads to be a transmitter of COVID-19, and CBDCs can best serve a contactless transaction process.
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