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Bank of Korea Says First Phase of CBDC Test Completed Successfully
South Korea's central bank will now test offline payments and protecting personal IDs.
Updated May 11, 2023, 5:13 p.m. Published Jan 24, 2022, 9:16 a.m.
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The Bank of Korea wrapped up the first phase of a central bank digital currency (CBDC) simulation project in December, according to a report published on Monday.
- The first phase tested the basic functions of a CBDC including manufacturing, issuing and distribution in a simulation environment, the report said. It concluded that the CBDC “works normally” under test conditions.
- Based on the results of the first phase, the report said the South Korean central bank plans to explore implementing other functions such as offline payments and adding personal information protection enhancement technologies.
- In a separate statement, the bank said more experiments are needed to confirm if the CBDC would work as effectively in a real environment.
- After the second phase is completed this June, the bank plans to assess the project and continue usability experiments in cooperation with financial institutions.
- Central banks around the world are increasingly exploring CBDCs. China has been running trials for its digital currency eCNY over the past year while Nigeria's central bank launched the eNaira in October.
- Bank of Korea has been working on setting up a CBDC pilot project since at least 2020.
- Last July, Bank of Korea chose Ground X, a blockchain subsidiary of South Korean tech giant Kakao, to build the CBDC pilot platform.
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CFTC's Selig opens legal dispute against states getting in way of prediction markets
Commodity Futures Trading Commission Chairman Mike Selig fired a legal warning shot defending his agency's jurisdiction over the event contract space.
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- U.S. Commodity Futures Trading Commission Chairman Mike Selig directed his agency to file an amicus brief declaring his federal agency has authority over the U.S. prediction markets.
- Though the CFTC once fought a legal resistance against such firms as Polymarket and Kalshi, the agency has embraced them during the administration of President Donald Trump, whose son has worked as a paid adviser for the leading companies.
- As Selig defends his agency's jurisdiction in court, he's also pursuing new prediction markets rules for the U.S.
