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Bank of Korea: Will Cooperate With FSC and FSS to Develop Wholesale CBDC

Bank of Korea (BoK) revealed that it will collaborate with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to develop a wholesale CBDC. It is expected that the two entities will jointly release a CBDC usability test promotion plan in the coming weeks. Lee Myung-soon, the first vice chairman of the FSS, stated that the Bank of Korea has been committed to researching CBDC-related technology.

This test, based on past achievements, represents an important step towards creating a prototype of the future monetary system. Banking regulatory agencies are considering the many benefits that wholesale CBDCs could bring to the local payment ecosystem. Preliminary reports indicate that blockchain-based CBDC systems could potentially reduce settlement time and costs between financial institutions.

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