Bank of Korea

Crypto / Digital Assets

South Korean Banks Eye CD Tokens as Stablecoin Alternative

By Mark Johnston | 24/07/2023

CD tokens are based on the existing banking system and do not require a change in the role of central banks, unlike stablecoins.

Capital / Liquidity

Korean Banks Asked to Prepare Support Funds for Credit Cooperative

By Sanday Chongo Kabange | 12/07/2023

The big five banks were asked to prepare KRW 1 trillion of financing as potential support for MG Community Credit Cooperative.

Capital / Liquidity

Korean Authorities Work to Ease Concerns After Bank Run

By Manesh Samtani | 10/07/2023

The FSC established a crisis response team late last week in response to a bank run at a major credit cooperative.

Market Infrastructure

Korea Announces Plans to Allow New Entrants to Banking Industry

By Editors | 06/07/2023

This will be the first time in thirty years that new nationwide banks can be established in Korea, the FSC said.

Crypto / Digital Assets

South Korea Passes Virtual Asset User Protection Bill

By Editors | 02/07/2023

The bill focuses on protecting virtual asset users and preventing unfair trading practices. The new framework will be implemented within one year.

Market Infrastructure

FSC Korea Designates KOFIA as CD Rate Administrator

By Sanday Chongo Kabange | 23/06/2023

With KOFIA designated as the administrator, the CD rate will begin to have legal effect as a critical benchmark rate starting on 2 October.

Crypto / Digital Assets

MAS Proposes Common Digital Money Standards

By Karen Ng | 21/06/2023

MAS has published a whitepaper specifying conditions for the use of digital money.

Crypto / Digital Assets

BOK, Samsung to Collaborate on Offline CBDC Payments

By Editors | 16/05/2023

The agreement will involve further research on a BOK-issued CBDC and collaboration in the offline payments sector.

Market Infrastructure

Indonesia, Korea to Use Local Currency in Bilateral Transactions

By Editors | 02/05/2023

BI and BOK will enable direct exchange rate quotations between the Korean won and the Indonesian rupiah in interbank trading.