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South Korean Banks to Utilize Blockchain for Digital ID

Bank of Korea Acquires Samsung-backed Blockchain Authentication Certificate System

July 13, 2020 by Osato Avan-Nomayo at Blockchain

South Korea’s central bank has signed a memorandum of understanding (MoU) with the country’s Financial Settlement Service to take over the management of BankSign; a blockchain authentication certificate service. Central Bank Acquires BankSign According to The News Asia, the move is the latest step by the Bank of Korea (BOK)...

South Korea Levying Crypto Tax Will Stifle Industrial Growth, Say Economists

June 22, 2020 by Dalmas Ngetich at Regulation

Taxing cryptocurrency income is premature and may stifle the growth of blockchain and crypto in South Korea. Cryptocurrencies, unlike fiat, have not taken root and are largely unstable. This is the view of leading South Korean economists in response to the Ministry of Economy and Finance’s tax office proposal to...

South Korea Set Up Committee to Study Regulatory Obstacles for Potential CBDC Project

June 15, 2020 by Anthonia Isichei at Regulation

South Korea’s central bank, the Bank of Korea (BOK) has set up a legal advisory committee that will look into any possible regulatory roadblocks when issuing its planned central bank digital currency (CBDC). Bank of Korea Continues to Forge Ahead With CBDC Plans According to The Korea Times on Monday...

South Korea: Central Bank Conducts Research Into Global Adoption of CBDCs

May 19, 2020 by Anthonia Isichei at Regulation

The South Korea central bank, the Bank of Korea (BoK) recently released a paper detailing its research into the adoption and advancement of central bank digital currency (CBDC) across different central banks globally. Central Banks Adopt DLT for CBDC Projects In a report by the Bank of Korea published on...

South Korea: Central Bank Launches Pilot Program for Digital Won

April 6, 2020 by Anthonia Isichei at Regulation

The Bank of Korea, South Korea’s central bank, has commenced a pilot project to study the modalities for the issuance of a central bank digital currency (CBDC). CBDC Not an Immediate Need for South Korea According to an official press release on Monday (April 6, 2020), the experimental scheme began...

Bank of Korea to Establish Digital Asset Task Force

Bank of Korea (BOK) Developing Blockchain-Based Bond Issuance System

February 20, 2020 by Ogwu Osaemezu Emmanuel at Blockchain

The Bank of Korea (BOK), the central bank of South Korea, is working on a proof-of-concept (POC) for a blockchain-based bonds issuance system for the region’s bond market, according to a report by Yonhap Infomax on February 18, 2020. Bonds on the Blockchain Following in the steps of the World...

South Korea: Central Bank Report States CBDCs Could Reduce the Role of Commercial Banks

March 27, 2019 by Aisshwarya Tiwari at News

On March 26, 2019, South Korea’s central bank published 2018 Annual Payment Settlement Report. In the report, the country’s apex bank has given a summary of research it conducted on central bank digital currencies (CBDCs). Promising Future for Crypto Assets South Korea is one of the global hotbeds when it...

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