CBDC pilot project announced by the Central Bank of South Korea

South Korea launches CBDC pilot project

The Central Bank of South Korea has announced that it has launched a CBDC pilot project. It is intended to test a digital currency of the central bank.

The Bank of Korea (BOK) noted that the program will run until December 2021, with an emphasis on the design and requirements of such a currency. The pilot will include an evaluation of the technology and a stage of analysis and consultancy of the business processes. The central bank will build and test the currency later.

According to a Korean Times report, however, the Bank of Korea is not in a hurry to issue digital currency. However, the financial institution believes that “it is necessary to take action quickly” to launch a CBDC when needed.

The World Economic Forum encourages the use of blockchain for supply chains

The World Economic Forum (WEF) argues that blockchain and digitalization can help supply chains survive crises like COVID-19.

The statements were made in a blog post published by the head of WEF’s digital commerce department, Ziyang Fan and Rebecca Liao, vice president of the blockchain company Skuchain.

The two argued that the pandemic has caused many problems for companies in terms of supply networks. Experts reiterate “the need for greater visibility across the entire chain”.

Fan and Liao believe that blockchain technology offers transparency without sacrificing data confidentiality. In addition, digitization of documents could provide more accessibility than the physical version on paper.

“Blockchain is the ideal technology to ensure that performance and risk data, which underpin all supply chain financing transactions, can be authentically shared with financiers and other parties to a transaction, even when there is no one no direct relationship between them ”,

wrote the authors.

Bitfinex offers staking for EOS, ATOM and XTZ

The Bitfinex crypto exchange has announced that it has launched staking services for three tokens, generating interest rates of 10% per year.

“We support the EOS, V.Systems and Cosmos (ATOM) tokens, and Tezos (XTZ) will be available starting May. In the next period we will add support for all tokens that work in the staking system ”,

The Bitfinex CTO Paolo Ardoino told The Block.

He also said that Bitfinex is one of the manufacturers of EOS blocks and has a “really active” EOS market. Cosmos and V.Systems are “two of the most popular blockchains.”

In addition, the exchange recorded high demand for staking services, both from retail and institutional investors.