The bank of Korea issued the overseas CBDC progress report to consider the possibility of using distributed ledger platforms in CBDC projects at home

BlockBeats news, the Bank of Korea has conducted new research and analysis on the development of the global central Bank's digital currency (CBDC). On May 18, the bank of Korea released the overseas CBDC progress report, which analyzes the CBDC projects of 14 central Banks. The results show that blockchain is pushing Banks around the world to move toward digital currencies.

According to the overseas CBDC progress report, blockchain's progress in payment and settlement, decentralised ledger technology and a sharp decline in the use of cash are the main factors driving central Banks to research and develop CBDCs. Most of the central Banks in the report are now developing IT systems to check the feasibility of established CBDC models.

According to the report, central Banks in Sweden, Singapore, Canada, Japan and Thailand have disclosed the implementation of distributed ledger technology in their CBDC studies. "Most central Banks are looking at the possibility of applying new future-oriented technologies to CBDCs, rather than the centralized ledger management and account-based transactions currently used in payment and settlement systems," the bank of Korea explained.

Norway, the central bank of the eastern Caribbean, the Bahamas, Sweden, the United Kingdom and China are studying micropayments for CBDCS, while Switzerland, Singapore, Canada, Thailand and France are concentrating their efforts on processing large amounts of money.

Bank of Korea said it was considering the possibility of using various distributed ledger platforms for its CBDC projects, such as Hyperledger Fabric and Coda.

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