South Korea is a very prominent country when it comes to cryptocurrencies and finance. It now appears that a digital Won is being explored, with a pilot program running until late 2021.
There are multiple countries aiming to digitize their fiat currency in the coming years.
Slowly but surely, all financial transactions are shifting to the digital space.
Exploring additional options in that regard is never a wasted effort.
In South Korea, there is an experiment going on to digitize the local Won currency.
The project is monitored by South Korea’s central bank, and will run until December 2021.
It is not the first time such a venture is being discussed in the country.
Initial remarks first surfaced in late 2018, as the South Korean government expressed an interest in stablecoins.
Several questions regarding this venture remain, however.
It does not appear as if a blockchain-based infrastructure will be used at this stage.
Very little is known about the infrastructure being used for this digital Won as of right now.
Central bank digital currencies are being explored in many countries.
For now, it remains unclear if there will be some sort of first-mover advantage.
With South Korea now taking its trial to the next level, the coming months will undoubtedly get very interesting.
The OMNI network token has experienced a substantial decline in value today, shedding 32% of…
Recent activity from Wallet 0x4f5, suspected to belong to Render Network, has caught the attention…
WorldCoin has experienced a significant decline, plummeting more than halfway from its previous all-time high…
Following a significant drop in the prices of Bitcoin and Ethereum over the weekend, sentiment…
BlockDAG's $2.2M Miner Sales & Moonshot Teaser Outshines Litecoin Price Recovery and Dogwifhat All-Time High…
As the cryptocurrency market continues to evolve, two tokens that have captured the attention of…