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South Korea’s Hana Bank to Work on CBDC and Stablecoin Alternatives

South Korea’s KEB Hana Bank is set to work with the central Bank of Korea (BOK) on the latter’s CBDC pilot and stablecoin alternatives, such as tokenized deposits. As Per the newspaper Maeil Kyungjae, Hana Bank is now “actively participating” in the BOK’s ongoing CBDC Proof of Concept project. The newspaper noted that the BOK and Hana will “actively participate in the preparation” of a “currency system based on blockchain technology.” The parties are now conducting “internal research” on “tokenized deposits.” Central banks have looked to popular stablecoins for inspiration in their own CBDC projects, such coins are labeled as “private tokenized monies that circulate as bearer instruments.”

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