The South Korean Korean Central Bank says Seoul plans to spend its Central Bank Digital Currency (CBDC) paying over 110 trillion win ($ 79.3 billion) in public subsidy.
The South Korean newspaper reported that the Chief of Korea (Bok) Chief Rhee Chang-Yong said the payments would be made as part of the “DIGITAL CURNCY Pilot Project.”
Rhee was speaking during the media fashion held at Central Seoul on August 28 after the financial policy meeting at the beginning of the day.
Walking arrived as a surprise of Seoul. Bok announced at the end of June this year that the CBDC examination has been taken to develop alternatives.
Rhee said the support movement was part of the Greater Han River project, a wide country CBDC driver.
Bank of Korea’s office in the crowd. (Source: Neoalpha)
The Media Outlet said that the AST CBDC MOVE was the idea of the Department of Finance and Finance.
The service assumes the CBDC support that will help prevent fraudulent use and improve the efficiency of the financial policy. Rhee explained:
“This is part of a second building driver of the HAN RIVE Project
Bok and service plan to issue contractors in CBDC tokens instead of bank transfer or vouchers.
Groups think that Blockchain technology will help follow the money and make sure they are not being misused. Rhee is added:
“When visiting Bok, Koo Yun-Chool, Deputy Prime Minister and Minister of Train and Finance, they think this will increase efficiency and acting.”
BOK was eager to express that a new project would vary from the “first” driver, who was threatened in the first part of this year.
While the first driver focuses on commercial banks and customers, the most focused driver will be a private sector.
Many banks jointly participated in the first driver expressed their unhappiness with CBDC startup programs.
They complain that they thought that they were not ready to look for the burden of infrastructure investment.
But Rhee has left the door open to the banking field, raising the bok enjoying cooperation with the lenders who are willing to CBDC business. The governor said:
“Thinking about the project rate, 110 trillion has won, I believe this attracts banks. We plan to focus on working with strong priorities to invest.”
