{"id":99036,"date":"2024-11-06T20:49:12","date_gmt":"2024-11-07T00:49:12","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=99036"},"modified":"2024-11-06T20:51:18","modified_gmt":"2024-11-07T00:51:18","slug":"south-korea-launches-cbdc-pilot-with-seven-local-banks","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-korea-launches-cbdc-pilot-with-seven-local-banks\/","title":{"rendered":"South Korea Launches CBDC Pilot with Seven Local Banks\u00a0"},"content":{"rendered":"\n

Seven South Korean financial lenders have been permitted to participate in a pilot project that will test digital financial services<\/a> based on CBDCs.\u00a0
<\/p>\n\n\n\n

\"South
South Korea Launches CBDC Pilot with Seven Local Banks\u00a0<\/figcaption><\/figure>\n\n\n\n

Seven domestic banks have been given permission by the Financial Services Commission of South Korea to take part in a pilot program that will test digital financial services based on deposit tokens and digital currency <\/a>issued by the central bank. <\/p>\n\n\n\n

The program's goal is to investigate the possibilities of CBDCs in everyday transactions, as the FSC said in a news statement on November 6. <\/p>\n\n\n\n

According to the press announcement, the four banks\u2014KB, Shinhan, Woori, and Hana\u2014will issue deposit tokens for digital assets guaranteed by bank deposits. <\/p>\n\n\n\n

According to the FSC, public services have historically been accessed using actual vouchers. To deliver the same services more easily, the nation now wishes to use digital vouchers kept on a distributed ledger.\u00a0<\/p>\n\n\n\n

The agency claims the trial also incorporates a digital voucher management platform<\/a> that enables the government to track and issue vouchers. <\/p>\n\n\n\n

Nevertheless, the FSC still needs to provide a project timeline. The nation keeps fortifying its crypto market regulations while also expanding its knowledge of CBDCs. <\/p>\n\n\n\n

According to a report published in October, South Korea intends to enact new laws governing cross-border transactions\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> involving virtual assets, including cryptocurrencies. The revised registration and reporting procedures are anticipated to be effective in the second half of 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

Seven South Korean financial lenders have been permitted to participate in a pilot project that will test digital financial services based on CBDCs.\u00a0 Seven domestic banks have been given permission by the Financial Services Commission of South Korea to take part in a pilot program that will test digital financial services based on deposit tokens […]<\/p>\n","protected":false},"author":43,"featured_media":99037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161],"tags":[773,1888,1712],"class_list":["post-99036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","tag-cbdc","tag-fsc","tag-south-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/croc_1730939590560.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/99036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=99036"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/99036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/99037"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=99036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=99036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=99036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}