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Blockchain advances push banks towards digital currencies, says Bank of Korea

The central bank of South Korea, the Bank of Korea, has conducted further research and analysis on the progress of digital central bank currencies, or DCBCs, around the world.

The bank published its „Overseas CBDC Progress Report“ on May 18, in which the institution analyzed the CBDC projects of 14 central banks.

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New technology is a catalyst for CBDC projects
The bank found that recent advances in payment settlement, decentralized distributed recording technology, and the sharp decline in cash use are the main factors driving central banks to research and develop CDBs.

Most of the central banks in the report are currently developing information technology systems to examine the feasibility of the established model of CDB.

According to the report, the central banks of Sweden, Singapore, Canada, Japan, Thailand and Hong Kong have disclosed the application of distributed registration technology in their respective CDB research. The Bank of Korea explained:

„Most central banks are focusing on investigating

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whether new forward-looking technologies can be applied to CDBs, away from the centralized distributed record keeping and account-based transactions currently applied to payment and settlement systems.

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Small payments versus large ones
Norway, the Eastern Caribbean Central Bank, the Bahamas, Sweden, the United Kingdom and China are investigating CDDCs for micro-payments, while Switzerland, Singapore, Canada, Thailand, Hong Kong and France are concentrating their efforts on CDDCs to handle large amounts.

According to the report, Sweden and China have already completed proofs of concept and reached the pilot stage, while the Bahamas‘ CDB is in trial operation.

The Eastern Caribbean Central Bank, Japan, the European Central Bank, Singapore, Canada, Thailand and Hong Kong continue to study the concept of a CDBC.

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Other plans

The Bank of Korea said it is considering using various distributed registration platforms, such as Hyperledger Fabric and Coda, in its own CBDC project.

The bank will continue to exchange information with domestic and foreign technology companies, and plans to seek external technical advisors.

Cointelegraph contacted the bank for more details, but did not receive a response until the close of this issue. This article will be updated if a response is received.