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.
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.
There is a blockchain-based project in Korea that combines distributed ledger technology (DLT) and renewable energy. This project is potentially able to solve problems and issues of the modern renewable energy industry.
The South Korean Ministry of Science, ICT and Communications intends to examine whether or not to allow regulatory sandboxes related to blockchain and distributed ledger technology (DLT)-based overseas remittances after the National Assembly Act (Special Act) on the reporting and use of certain financial transaction information passes the National Assembly.