The Bank of Korea looks into the future and finds itself.
The system handled 2,000 transactions per second. That figure is higher than most domestic payment systems, the report noted, but it slowed down as it reached capacity, so further improvements are needed.
The bank tried using a zero-knowledge proof protocol to clear CBDC transactions to improve their privacy. That allowed it to hide the wallet addresses and payment amount of the transaction, but it slowed the processing speed markedly and the security implications of a zkCBDCCBDCs should protect privacy, not be a surveillance tool: Former CFTC chair
The BOK will step up CBDC research, with plans to look at CBDC-based tokenized deposits and expanding the scope of the research with the banks and KFTCI. It said: “A key focus of the BOK’s research will be identifying a CBDC operating model with minimally adverse impacts on the stability of the financial system and on the effectiveness of monetary policy.”
The report noted “concrete” progress toward crypto asset regulation in the country with the introduction of the Framework Act on Digital Assets Act, but the regulatory framework is still too incomplete for it to allow payments in cryptocurrencies. The bank is also engaged in discussions about stablecoin, it stated repeatedly.
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