South Korean Central Bank's Report Outlines Ambitious Plans for Financial Technology, CBDC, and Stablecoin Regulation

The 2022 Payment and Settlement Systems Report by the South Korean central bank (BOK) presents an ambitious vision for the country's financial technology. The report highlights successful oversight of the systems and emphasizes preparations for a future with central bank digital currency (CBDC) while also addressing stablecoin regulation.



According to the report, the BOK-Wire+ fast payment system will undergo an upgrade to real-time gross settlement (RTGS) and adopt the ISO 20022 standard, which is slated for implementation by 2028. Additionally, the bank intends to enhance its supervision of "Big Tech" payment services and bolster its capabilities to tackle "IT operational risk."



The BOK has been actively preparing for the potential introduction of a CBDC, exploring the utilization of smart contracts, offline payments with
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