Bank of Korea to Use Blockchain to Boost Economy

Bank of Korea to Use Blockchain to Boost Economy

South Korea’s central bank has unveiled a new 10-year economic development plan that focuses heavily on blockchain, as well as the development of a state-owned cryptocurrency.

The Korea Daily reports that the Central Bank of the country is striving to become “more flexible and to meet the changes taking place in society over time.” Thus, by 2030, it is planned to integrate information and communication technologies into public administration.

The document describes the economic development strategy in great detail. Blockchain in South Korea is preparing for a better future, as officials plan to launch many initiatives to use innovative technologies. However, legal and technical standards must first be developed.

In addition, a research organization was established in South Korea in February to help analyze and develop the state-owned cryptocurrency, and a state-backed “digital technology space”will be launched later this year. Now the infrastructure is being prepared for the initiative.

Note that earlier, the Bank of Korea stated that it does not plan to issue its own cryptocurrency.