<h2>South Korea's central bank has completed a 10-month trial involving the digital won.</h2><img src="/uploads/Group_1000003334_1_966fcced71.png" alt="Group 1000003334 (1).png" srcset="/uploads/thumbnail_Group_1000003334_1_966fcced71.png 245w,/uploads/small_Group_1000003334_1_966fcced71.png 500w,/uploads/medium_Group_1000003334_1_966fcced71.png 750w," sizes="100vw">The Central Bank of Korea (BOK) has developed and piloted a program to facilitate cross-border remittances, through central bank digital currencies (CBDCs), local media Kimchi reported.<figure class="media"><oembed url="https://twitter.com/YonhapNews/status/1589452625082474496?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1589452625082474496%7Ctwgr%5E2c76eb0b2e4f7c042d4a4f10736964671c4c8002%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcoin68.com%2Fhan-quoc-hoan-thanh-cuoc-thu-nghiem-giao-dich-nft-va-cbdc%2F"></oembed></figure>In addition, BOK also completed the transaction using CBDC to buy NFT.The test is divided into two phases, starting in August 2021 and completing the first milestone on June 22. In the second phase, the testing focus is on evaluating the feasibility of offline transactions, digital asset transactions, etc.According to findings published yesterday, the CBDC digital currency issued by BOK has some technical limitations that hinder its use.Experiments show that CBDC can process up to 2,000 transactions per second. However, the distributed ledger technology that underpins cryptocurrencies has not yet met the scalability required for a retail CBDC. So it would be better to use a standard centralized ledger database.Concluding, the BOK recommends that "response time should be shortened to improve real-time processing of large transactions compared to other electronic payment services."<img src="/uploads/hh_8cac918d69.jpeg" alt="hh.jpeg" srcset="/uploads/thumbnail_hh_8cac918d69.jpeg 245w,/uploads/small_hh_8cac918d69.jpeg 500w,/uploads/medium_hh_8cac918d69.jpeg 750w," sizes="100vw">In his speech, Governor Chang Yong Rhee said, “The digital won requires trade-offs. We recognize that there is no such thing as perfect technology or CBDC design that can meet all the goals and expectations at the same time. For example, the bank made the decision to prioritize compliance and sacrifice privacy.”In addition, the BOK has established a monitoring system for virtual money laundering, terrorist financing, and facilitating data sending.The test took place in the context that more and more countries are promoting national digital currencies and are considering releasing CBDCs to the market, for example, major economies such as the United States and the European Union.&nbsp;&nbsp;

South Korea's central bank has completed a 10-month trial involving the digital won.

korea completes nft and cbdc trading trial

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