Digital Currency Move from South Korea Central Bank

The Central Bank of South Korea has made significant headway in this area by developing a major program of CBDCs to facilitate cross-border payments. The first test of the program they developed was successfully completed. Tests include the use of CBDCs in NFT exchanges.

South Korea Central Bank Governor Chang Yong Rhee said in a statement in September 2022 that the South Korean Central Bank has been working on CBDCs for 10 months. The first step of this two-stage process was completed in January 2022.

Although South Korea started CBDC trials last year, it has progressed quickly and successfully completed most of the process.

As you know, countries with large economies such as the USA and England carry out important studies in the field of CBDC. China has also carried out several trials on this issue. In fact, the Chairman of the People’s Bank of China (PBOC) Yi Gang recently made important statements about China’s CBDC project. In his statements, Gang stated that cash usage rates will decrease in the future, and that China will switch to a digital payment system instead of cash with the “digital yuan” project.