The Bank of Korea (BOK) – the central bank of the nation – is reportedly set to form a new task force in 2020, devoted to exploring the possibility of a central bank digital currency (CBDC). 

Specifically stated in the “Monetary Policy for 2020” brief on December 27, BOK revealed that it would continue working on the previously established research, focusing on distributed ledger technology, crypto assets, and CBDCs. 

BOK also claimed to invest more resources in the process of supervising and improving the security of payment and settlement systems. 

As the next initiative from its CBDC research plan, BOK is looking to bring onboard numerous professionals with knowledge of the sector, with a job listing has been publicly published back on December 10. 

Aside from the plan to introduce the new task force, BOK further conducts meetings with the Bank of International Settlements (BIS), along with numerous relevant organizations across the globe, to keep track of the CBDC designing process in other central banks. 

The BOK also shared its plan to utilize BIS’ Principles for Financial Market Infrastructures (PFMI), in an effort to put into practice the principles, dedicated to enhancing its oversight of financial systems within South Korea.