South Korea’s National Bank Releases 10-Year Blockchain And CBDC Development Plan

The Central Bank Of South Korea Published A Ten-Year Strategy, Focused On Monetary Advancements Such As Blockchain Technology

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As global economies re-started from the COVID-19 economic shutdown, South Korea’s central bank came up with a blockchain-oriented ten-year strategy, involving research on central bank-issued digital currencies (CBDCs).

Local news outlets saw increased research efforts, combined with an increase in both hiring blockchain specialists and collaborations in South Korea’s crypto space.

The report from the central bank indicates a “more flexible and in line with recent changes approach”. Bank of Korea’s vision includes a ten-year detailed plan for South Korea’s economy. The plan aims to increase information awareness for internal management and policy management.

The report is an optimistic overview of South Korea’s blockchain future. However, before undertaking such innovative activities, Korean officials have to come up with both technical and legal standards, which then must be made clear to all participants in the South Korean’s crypto space.

South Korea seems to have set a high priority on blockchain development in the country, while putting aside the development of other technologies. Also, the report puts CBDCs in the spotlight of the report, as South Korean officials would accelerate a state-issued digital currency.

South Korean officials’ efforts in the CBDC area are a direct following of China’s development in the area. Apart from China, other crypto-friendly countries are also exploring the possibility to issue a central bank digital currency.

One of the most interesting points in the paper is the creation of a “digital innovation room” set to launch later this year. The room aims to further expand research and development of new, blockchain-oriented technologies.

Meanwhile, South Korea’s Busan city is launching an identity verification system, based on a decentralized ledger technology. The ID verification app is developed by Coinplug and is designed to aid the access to various public services via a mobile app.

The second-largest city in South Korea, with a total population of 3,4 million, was primarily targeted as a regulation-free crypto zone. The new app allows for a decentralized identifiers (DIDs), which mitigate the usage of personal information storage. Busan city officials stated that “DID is a reliable and fast identification for access to various public services and allows for a safe approach for Busan citizens.”

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