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Home News Industry News

South Korea plans to test-run CBDC issuance and circulation next year

Ibiam Wayas by Ibiam Wayas
October 7, 2020
in Industry News
2 min read
South Korea sells $10.8 million worth of confiscated Bitcoin TL;DR Breakdown: The South Korean government has gained over $10 million from selling confiscated Bitcoin. These coins were worth about $238,000 in 2017. The new South Korean cryptocurrency regulation, which came into effect on March 25, has allowed the government to auction confiscated cryptocurrency for the first time. The government bagged over $10 million from the sale, according to the announcement on Thursday by Arirang. Meanwhile, Korea is not the only country that has sold seized cryptocurrencies. In recent months, many countries, including the United States, sold cryptocurrency seized by law enforcement agencies. Last year, the government of Ireland auctioned-off about 86 Bitcoin seized from a drug dealer, as Cryptopolitan reported. South Korean gov't bagged over $10 million As reported, the Suwon District Prosecutors Office gained over $10.8 million by selling Bitcoin confiscated by the law enforcement agencies from a convicted criminal. The Bitcoin was sold to a cryptocurrency exchange after the new regulation became effective. All the proceeds were directed to the state coffers, according to the South Korean prosecutor. The cryptocurrencies were seized back in 2017 from the now-convicted criminal, who was reportedly an operator of a pornography website. At the time, the Bitcoin seized were worth $238,000, combined. The South Korean government couldn't take any action then because there wasn't any legal instruction to follow regarding seized digital currencies. Korea's strict crypto regulation The Korean government updated the nation's cryptocurrency regulation under the Specific Financial Transactions Act. Among other things, the new law called for thorough anti-money laundering policies on exchanges operating in the country. The exchange also has to obtain the details of their users in the form of KYC or Know-Your-Customer. Virtual assets services providers in the nations are also obliged to operate under a license.
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The central bank of Korea (BOK) is moving to the next preparatory stage for a potential digital WON, a central bank-issued digital currency (CBDC). Recently, the central bank began reviewing the legal and technical feasibility of issuing national digital currency, just in case the need arises. However, the bank now plans to debut a pilot program to trial the issuance and circulation of the potential national digital currency.

Korea CBDC gets a boost

As Korea Herald reported on Wednesday, the central bank disclosed its plans to start a pilot program by next year on the possible introduction of the national digital currency. The pilot program is basically aimed at test-running the issuance and circulation of the digital currency. According to officials from the central bank, the planned pilot program will be conducted in a similar approach used for the banknotes.

Basically, the central bank will be responsible for the issuance and retrieving the digital currency from circulation. Whereas, other financial institutions in the country will oversee the circulation of the digital currency to the public. However, this doesn’t mean that BOK is preparing for the actual launch of the national digital currency. The move today is only purported to keep the BOK ready, just in case the need arises.

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Central banks continue to race for CBDCs

The bank of Korea made a similar statement when it announced its plans to analyze the legal and technical requirements of a potential digital WON. At the time, the central bank disclosed that it isn’t ready to issue any digital currency soon, adding that, there wasn’t any demand for it in the country. The chances for a Korean CBDC keeps increasing as the central bank continuously advances its pilot programs for it.

Aside from Korea, many central banks are currently working towards the issuance of national digital currency. This comes as the public is increasingly turning to digital payment methods to process transactions, as the ECB recently noted. Meanwhile, PBOC is already pushing the development of the Digital Yuan to a greater extent, as more than $160 million was recently processed using the planned Chinese CBDC.

Tags: cbdcDigital CurrencySouth Korea
Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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