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South Korean Central Bank Prepares for Digital Currency Future

The Bank of Korea focuses on digital currency advancements and payment system upgrades in its latest report.
Published on 2023-07-19

South Korean Central Bank's Strategic Focus

The Bank of Korea (BOK) has released its 2022 Payment and Settlement Systems Report, highlighting key developments and future plans. The report emphasizes successful oversight of current systems and outlines preparations for a digital currency-oriented future.

Advancements in Payment Systems

A significant enhancement is the upgrade of the BOK-Wire+ fast payment system to a real-time gross settlement (RTGS) model. This transition will align with the ISO 20022 standard, set for implementation by 2028. Such advancements aim to streamline payment processes and enhance efficiency.

Preparing for Digital Currency Integration

The report underlines the central bank's readiness for central bank digital currency (CBDC) integration. Discussions around regulating stablecoins are also underway, indicating a proactive approach towards evolving financial technologies.

Oversight of Big Tech Payment Services

The BOK plans to heighten its oversight of payment services offered by major technology companies. This move aims to mitigate potential risks associated with these rapidly growing platforms and ensure robust regulatory compliance.

Enhancing IT Operational Risk Response

To address IT operational risks, the BOK is focused on building its capabilities. Strengthening these areas will be crucial as digital payment systems and technologies continue to evolve and expand.

Overall, the Bank of Korea's report reflects a forward-looking strategy, emphasizing technological adaptation and regulatory oversight to secure and optimize the future of payment systems in South Korea.

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