The bank still has to decide the specific scope and schedule of the project internally, and once set, an official announcement will be made. Meanwhile, the Bank of Korea has launched a task force team (TFT) to overlook the issuing of the digital currency.
The TFT will examine the effect of digital currency on the monetary policy of the bank and its financial stability. A separate technology research team will be looking into how to issue, circulate, and regulate the trading of the digital currency. In addition, BoK plans to organize a working group on other issues such as the invasion of privacy.
Since the establishment of the Korea Financial Services Network in 1994, there has been a need to improve or rebuild the system due to the complexity of the work environment and the deterioration of the system. The Bank of Korea has previously indicated that it will build a next-generation banking network by 2020 and utilize the blockchain technology to execute this strategy, according to EconoTimes.
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