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tldr; The Bank of Korea (BOK) has stated it will not include Bitcoin in its foreign exchange reserves due to concerns over its high price volatility and non-compliance with IMF guidelines for reserve management. While South Korea rejects Bitcoin for reserves, the Financial Services Commission plans to issue guidelines for institutional cryptocurrency investment, signaling a shift in policy and potential growth in the crypto market. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
>Under the pilot project, 100,000 participants will be able to use deposit tokens, which function similarly to vouchers, for purchases at various retail outlets. The BOK will issue a wholesale CBDC to banks, which will convert it into deposit tokens for consumers to use at select retail locations They're actually trying to force CBDC to people starting with 100k participants lmao
No need to hunt $BOK is gonna melt faces this bull season. DYOR but it seems to be one of the best devs slamming gears on this one!
The Bank of Korea (BOK) has recently awarded a contract to LG CNS to develop a wholesale central bank digital currency (CBDC) system. The contract is a result of BOK’s plans, announced last October, to conduct two wholesale CBDC trials. The first trial will explore the use of a wholesale CBDC for interbank settlement involving tokenized deposits. The second will focus on employing the wholesale CBDC for securities settlement using Distributed Ledger Technology (DLT) platforms.