Korean banks analysis stablecoin, CBDC different

A number of personal banks in South Korea are finding out the potential of tokenized deposit know-how, a substitute for each personal stablecoins and central financial institution digital currencies (CBDCs).

In accordance to a report from Maeli Enterprise Information Korea, Hana Financial institution and Woori Financial institution — each personal enterprises with headquarters in Seoul — confirmed curiosity in so-called “certificates of deposit” tokens (CDs). CDs are tokenized financial institution deposits placed on the blockchain, changing customary notes and deposits with out disrupting the prevailing banking system. CDs additionally require identification verification of the identical requirements as any conventional financial institution service.

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