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Central Banks approach to CBDC favors blockchain technology, Bank of Korea reports

TL;DR

The Central Bank of Korea has recently submitted a report that has highlighted how central banks approach to CBDC around the world will be focused on Blockchain technology.

According to the report, central banks around the world have been harnessing the thoughts of creating their digital currency with blockchain technology because of technological advancement. The report keenly focused on the central banks around the world who are at the forefront and their respective progress as of now.

As much as fourteen central banks have been said to be the pacesetters in the creation of their respective digital currencies for their respective countries. Irrespective of each nation’s progress in the digital currency creation, China is all but set to be the first country to debut its national digital currency. 

Fall in cash force central banks approach to CBDC

According to the submitted report out forward by the bank of Korea, it stated that as a result of most firms upgrading their payment platform and the recent fall in cash supply had pushed most banks to think about the adoption of the CBDC.

They further noted that a handful of countries around the globe are still pitting against each other to be the first to launch the digital currency. 

They further reported that most banks have now upgraded their payment portals to rely on the blockchain technology to take note of transactions in the banks. Most banks are now thinking of debuting the distributed ledger technology in their upgrade for the digital currency.

Central banks are keeping tabs on different types of CBDC

The report says that countries are having a hard time finding which CBDC is good for their respective countries with the two major types, the one for small scale businesses and the one for large scale businesses.

The report further concluded that the central banks approach to CBDC relies on the adoption of the blockchain network to suit their needs. 

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile freelance writer and researcher on the blockchain space and related matters with published works online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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