Between window dressing and a real desire to get things done: it is difficult to comment on the true nature of central bank cryptocurrencies (CDBC). South Korea could win the CDBC race with its digital Won. The project is gaining ground, according to its progress against the roadmap.
South Korea: we will won!
Although the pilot program of Digital won seems to be on the right track, the central bank of Korea however, did not give an official launch date.
On October 7, 2020, the local daily The Korea Times announces the start of the distribution phase of Digital won for the next year.
Bank spokesperson insists that no third party will intervene in the transactions : He explains that it is about testing the execution of trades under various circumstances.
The distribution phase is the last stage of the project, according to the timetable set out in the roadmap.
The Yuan digital gives a boost to its cousin Won
The launch of the pilot project was announced in March 2020, with a 22-month roadmap : the project should therefore end at the end of 2021.
The first phase, which ended in July 2020, included a assessment of the conditions necessary for the design of the project and a review of the technological elements essential for its development.
The second phase is underway and should conclude at the end of this year: it focuses mainly on certain aspects of business processes.
Despite this progress, the central bank of Korea maintains that the completion of this project will not necessarily lead to the launch of the Won digital.
This is for the institution of prepare for the adoption of the necessary measures if macroeconomic conditions, local and international, go in this direction.
Persistent rumors about the arrival of Yuan digital and the possibility that Korean merchants will accept it as a means of payment, could be favorable to the launch of digital Won.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
The only real future valid central bank cryptocurrency could be Bitcoin (BTC) in a future where all national currencies will be backed by the value of the oldest crypto. States have understood that there is a need to come up with “something” that competes with cryptos. Something empty without a blockchain, but with a little publicity and a nice talk, consumers lacking financial education will buy in.
Litecoin, welcome in the Silver Age