South Korean central financial institution charts out future course of cost programs, CBDC

The South Korean central financial institution (BOK) has printed its 2022 Cost and Settlement Techniques Report. Oversight of the programs was carried out efficiently, the report stated, and it’s preparing for a future with central financial institution digital forex (CBDC) and is discussing stablecoin regulation broadly.

The BOK-Wire+ quick cost system shall be upgraded to real-time gross settlement (RTGS) and has adopted the ISO 20022 normal, which is anticipated to be carried out in 2028, the report stated. The financial institution may even improve oversight of “Massive Tech” cost providers and construct up its capabilities to answer “IT operational danger.”

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