South Korea’s central financial institution has finished a ten-month trial involving digital won.
The Central Bank of Korea (BOK) has formulated and pioneered a plan to facilitate cross-border remittances, via central financial institution digital currencies (CBDC), community media kimchi news.
BOK completes the dummy check on digital currency https://t.co/1mupBfEhsL
– Yonhap News Agency (@ YonhapNews) November 7, 2022
Additionally, BOK also finished the transaction employing CBDC to invest in NFT.
The check is divided into two phases, commencing in August 2021 and finishing the very first milestone on June 22. In the 2nd phase, the emphasis of the check is on assessing the feasibility of offline transactions, digital asset transactions, and so forth.
According to the benefits published yesterday, the CBDC digital currency issued by BOK has some technical limitations that hinder its use.
Experiments demonstrate that CBDC can system up to two,000 transactions per 2nd. However, the distributed ledger technological innovation behind cryptocurrencies has not but met the scalability demanded for a retail CBDC. So it would be greater to use a normal centralized accounting database.
In conclusion, the BOK suggests that “response times should be reduced to improve real-time processing of large transactions compared to other transactions”. electronic payment services Other.”
In speechGovernor Chang Yong Rhee commented:
“The digital won necessitates compromise. We understand that there is no fantastic technological innovation or CBDC style and design that can meet all objectives and expectations at the identical time. For illustration, the financial institution has made the decision to prioritize compliance and sacrifice privacy. “
In addition, the BOK has set up a monitoring procedure for virtual funds laundering, terrorist financing and the facilitation of information transmission.
The check took spot in the context the place much more and much more nations are advertising nationwide digital currencies and are contemplating the likelihood of releasing CBDCs on the market place, for illustration the principal economies this kind of as United States of America And European Union.
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