All of the central banks to implement far-reaching measures to the losses in the equity markets should be limited. There is, for example, billions of dollars of money printed to pay debts and to buy. But in the background we see a lot of central banks towards the possibility of a Central Bank of Digital Currency.
The most recent bank to come to the central bank of South Korea. According to a news report by the Korea Times.
Earlier, at a private digital currency
In a remarkable decision by the Bank of Korea, as the central bank has no, salvation is looked at as a digital currency. According to Eun and Han Bank of Korea, South Korea has a well-developed electronic payment system, and it is a CBDC, therefore, is unnecessary.
Han was even suggested that the digital payment all went very smoothly by the commercial companies. Consider, for example, for Samsung Pay or KakaoPay. Both have tech that is a digital payment service is offered to the consumer.
Now, as a pilot project for 22 months
Apparently, the Bank of Korea had a change of heart, as the bank is now going to be a pilot, for 22 months, running around with the possibilities of a CBDC to explore. Lee, Ju-yoel, is the governor of the central bank of South Korea:
The Bank of Korea continues to be pro-active in the fast-paced change in betalingsomgevingen at home and abroad, so we are going to CBDC-pilotsysteem to set up, and take technical and legal issues related to the launch here to check.
According to the news report, South Korea in march, and started with the pilot project, and will continue with the test until the end of 2021. Continue to expect the Bank of Korea is not a Central Bank of Digital Currency in the near future, unfortunately. That’s because South Korea is still heavily dependent on cash.
What is the use of a Central Bank of Digital Currency actually work?
CBDC is just the same as the paper bank notes as a means of payment, a unit of account and a store of value. And, just as with paper currency, each unit is uniquely identifiable to prevent counterfeiting. CBDC is a part of the total bulk of money, along with other forms of money, such as cash and book money. It can be stored, transferred and transmitted by various digital systems, and services. Which of our services you use, and the validity of the CBDC will continue to be guaranteed.
It is not a requirement for a CBDC, on a blockchain running. Many central banks, however, the word and the blockchain provides the technology architecture for the operations of all the businesses and individuals to keep track of.
Want to know more about the CBDC programs. Then take a look at this page.