Bank of Korea (BOK)
The Bank of Korea (BOK), in collaboration with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), has announced a unique pilot program, expected to invite 100,000 Koreans to participate. to use CBDC next year, Korea Times reported on November 23.
According to the plan, 100,000 selected people will have the opportunity to test shopping with CBDC, similar to using vouchers at stores. Commercial banks will select participants, starting from September to October next year, maintaining the project for three months.
BOK pointed out that CBDC can solve many problems, such as special subsidies during the COVID-19 epidemic, problems related to financial transactions such as high transaction fees and settlement processes. slow.
Commerzbank
On November 15, Commerzbank became the first German bank to receive a cryptocurrency custody license from the German Federal Financial Supervisory Authority and the European Central Bank. With the license, Commerzbank can expand its cryptocurrency services and plans to develop a secure and compliant private blockchain platform.
This move is a premise for the expansion of the cryptocurrency market in Germany, as a number of other long-standing traditional banks such as Deutsche Bank AG have also applied to provide services.
Dr. Jörg Oliveri del Castillo-Schulz, CEO of Commerzbank, shared that this is an important step, demonstrating Commerzbank’s commitment and ambition with new technology.
Commerzbank is a famous German bank, currently serving about 11 million customers. Commerzbank branches are present in more than 40 countries and contribute about 30% of Germany’s foreign trade.
UK sets out proposals to bring stablecoins into real economy
With the goal of becoming a digital asset hub, UK regulators have proposed integrating stablecoins into traditional payment systems, according to the Financial Times.
Under the proposal, the Bank of England would take oversight responsibility for stablecoin issuers, requiring them to demonstrate a swap process to fiat currency. At the same time, payment systems using stablecoins must be backed by deposits from the central bank.
Mr. Sheldon Mills – CEO of the Competition and Consumer Protection Department of the UK Financial Conduct Authority (FCA) emphasized: “Stablecoins have the potential to make payments quickly and at low costs, and that’s why.” as the FCA wants to provide users with new payment options that are safe and secure.”
