The bank built the blockchain-based platform in preparation for the issuance of a CBDC by the Bank of Korea (BOK). Should the central bank decide to move forward with the issuance, it would require an intermediary agency to distribute and encourage use of the digital KRW.
The platform divides the CBDC's issuance into general funds for individuals and disaster support funds issued to support businesses and local government. The BOK has conducted research into the issuance of a CBDC, results for which were published in February.
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