Korea

More than 60% of the world's Central Banks are now pursuing Central Bank Digital Currencies (CBDCs). Could this possibly challenge the autonomy of the US dollar?

Criminals commonly use cryptocurrency to carry out illicit activities such as money laundering, funding terrorism activities, buying and selling narcotics and many others. According to the new report by the UN, hackers have been attacking exchanges to steal the cryptocurrency and then use it to fund nuclear weapons development. North Korea is leading the game.

The Political Affairs Committee of South Korea’s National Assembly has informed the Financial Services Commission (FSC) on numerous attempts of hackers to break into the country’s financial institutions. Cryptocurrency exchanges became the main target.

Talks about Central Bank Digital Currencies (CBDC) have been ongoing for a long time, however, we are seeing attempts at practical implementation only now as the coronavirus pandemic rages across the world.

On April 6, the Central Bank of Korea (BOK) announced it is planning to test the central bank digital currency (CBDC), a digital won. This new currency will be used for micro-payments first, and, if successful, we might see its wide adoption.

Banknotes have been quarantined to protect the Hungarian population, who are fond of cash, against coronavirus infection. The government borrowed a leaf from other countries using it around the world.

With Coronavirus spreading around the world, innovative technologies including cryptocurrency and distributed ledger tools are being used to fight this enemy. In addition to management through the use of distributed ledger technology (DLT), blockchain companies are also trying to calm down the disease through service launches and donations.

The South Korean Parliament has at long last passed another act that will see the nation's cryptocurrency market regulated by  a legitimate administrative rule.

As the Special Money Act passed the South Korean National Assembly's plenary session, the Enforcement Decree is in full force.