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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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South Korea announced that it will begin testing a central bank digital currency (CBDC) for wholesale payments. In the statement made by the Central Bank of South Korea, it was stated that the most important point to focus on is the financial system to be built on a CBDC where wholesale payments can be made.
In the upcoming trials, it will also be tested whether tokenized assets in commercial banks can be covered by wholesale CBDC payments. Apart from BIS and the Central Bank of South Korea, some of the country's other regulators will also take part in the trials.
In the statement, it was said: "These trials will also serve as an example for the monetary system of the future."
The Central Bank of South Korea recently conducted retail CBDC tests and later stated that such a CBDC was not needed "for now".
Many countries and jurisdictions around the world, from Russia to France, from Sweden to the EU, are continuing CBDC tests. The most advanced country in this regard is by far China. In the USA, the Fed has not yet decided whether a CBDC is needed.
#BountyCreator# #HotTopicDiscussion# #ContentStar# #Bitcoin#