Korean Central Bank To Use R3 Blockchain Proof-Of-Concept

Korean Central Bank To Use R3 Blockchain Proof-Of-Concept

The Bank of Korea (BoK) plans to deploy R3 consortium proof-of-concept blockchain technology project.The project was announced at the Digital Mone

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The Bank of Korea (BoK) plans to deploy R3 consortium proof-of-concept blockchain technology project.

The project was announced at the Digital Money 2017 conference by Kim Jung-hyuk, head of the e-finance planning team for the bank’s financial supervisory service.

“As a central bank, we were looking at different ways to utilize the blockchain technology. We recently decided to proceed with the proof-of-concept with R3 Consortium and once the final decision is made internally, the specific scope and schedule of the project will be announced”, Jung-hyuk said as quoted by the publication published on EconoTimes.

The Bank of Korea has initiated the launch of a task force team (TFT) to examine the effect of digital currency on the monetary policy of the Bank of Korea and its financial stability.

There is another technology research team that will research how the digital currency is being issued and regulated in terms of trading. The team will also look into how to issue a cryptocurrency, as Jung-hyuk said for EconoTimes. He added that BoK plans to organize a working group on other digital currency problems like the invasion of privacy.

Last month South Korea`s Financial Services Commission (FSC), the country`s primary financial regulatory authority, announced that it will launch a blockchain-powered pilot project for financial services this year, as cryptocoinnews.com wrote.

A month earlier South Korea formed its first blockchain consortium, where a group of 21 financial investment companies and five blockchain technology firms signed a memorandum-of-understanding to develop distributed ledger solutions.

Blockchain technology and artificial intelligence have been presented as two innovations that have already been adopted in the market.

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