#Bank of Korea News

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

Bank of Korea Taps Kakao Blockchain Subsidiary for CBDC Project

July 20, 2021 by Anthonia Isichei at Regulation

South Korea’s central bank, the Bank of Korea (BOK), has selected Ground X, the blockchain subsidiary of internet company giant Kakao, to work with the BOK on its central bank digital currency (CBDC) project. Ground X to Build South Korea’s Experimental CBDC In a report by local news media Korea...

BOK to conduct mock test on functionality of digital currency

Bank of Korea Planning Mock Test to Trial CBDC Functionality

May 24, 2021 by Anthonia Isichei at Regulation

The Bank of Korea (BOK), South Korea's Central bank is looking to research the usefulness of launching a central bank digital currency (CBDC) through a mock test, although the apex bank is not keen on issuing a sovereign digital currency. BOK Testing Potential Use of Digital Won According to Yonhap...

South Korean Crypto Exchanges Earned $648 Million in 2017 that is Taxable

Bank of Korea Governor Says Crypto as a Payment Option is Limited

April 16, 2021 by Anthonia Isichei at Regulation

The Governor of the Bank of Korea (BOK) Lee Ju-yeol opined that adopting cryptocurrency as a means of payment came with limitations. The statement comes as company behemoths are including crypto as a payment option on their platforms. BOK Governor Not Impressed With Crypto According to a report from local...

Launch of CBDCs will Lower Bitcoin Demand, Says Bank of Korea Governor

March 27, 2021 by Aisshwarya Tiwari at Regulation

The Korean Central Bank Governor believes the rise of CBDC will reduce demand for bitcoin (BTC) and other cryptocurrencies. CBDCs Could Hamper Bitcoin Demand In a rather interesting remark, Lee Ju-yeol, the Governor of the Bank of Korea recently state that the demand for bitcoin and other similar cryptocurrencies could...

South Korea: Central Bank Publishes Book on CBDC Legal Considerations

February 8, 2021 by Anthonia Isichei at Regulation

South Korea's plans for its experimental central bank digital currency (CBDC) project also includes efforts to contribute to the expanding body of knowledge dedicated to sovereign digital currencies. Meanwhile, with many CBDC pursuits cropping up across the globe, some commentators say cross-compatibility will determine which national digital currencies will succeed....

South Korea Nears Final Stage of CBDC Pilot Test Program

October 8, 2020 by Anthonia Isichei at News

South Korea’s central bank is preparing to enter the final phase of its central bank digital currency (CBDC) pilot program, as it hopes to start the distribution and testing of the digital won in 2021. South Korea to Begin CBDC Trial in 2021 According to the Korea Times on Wednesday...

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)...

Confirmed - South Korea to Impose Tax on Cryptocurrency

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...

Bank of Korea launches legal advisory panel for digital currency

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...