The Central Bank of South Korea conducted a test study to see how central bank digital currencies could be used for cross-border payment transactions.
Chang Yong Rhee, Governor of the Central Bank of South Korea, said in September that the South Korean won A central bank digital currency (CBDC) study lasting 10 months he said they did.
According to local news sources, the central bank has decided that CBDCs will be issued within the scope of this study. non-fungible token (NFT) exchange He also did a test on how to use it.
CBDC trials in South Korea started last year, and the first leg of the two-stage process was completed in January of this year.
Central Bank Governor, in his statements about CBDCs, of the pros as are of the cons also stated that:
“We realized that there is no ideal technology or CBDC design that can meet all expectations at once.”
Exemplifying the pros and cons of CBDCs, Rhee said: “Compromising privacy in order to increase (CBDC’s) legal compliance” He said they had to.