South Korea Plans To Introduce Digital Currency
2016-11-24 Thu
South Korea has officially announced that they would soon be laying the foundation for the spread of digital currency. Details about the form or technology have not been disclosed and officials have only revealed that a blockchain method would be used. Research and pilot projects will be launched by the government and the local financial industry players this year. Three trillion won would be invested for funding this project over the next three years, which amounts to US$2.65 billion. In the second stage, the government will focus on re-designing the existing system to suit the Fintech environment.The country is already known for adopting bitcoin and blockchain technology since 2014. Governments all around the world have recently expressed their interest in digital currencies after the Chief Scientific Adviser to the UK government advised his Prime Minister and Parliament to consider using a blockchain-based digital currency. The Bank of Canada and China are also thinking on the same lines. The Dutch Central Bank has been studying its own prototype cryptocurrency for at least two years called the DNBCoin.
Latest News
-
Gold 100 Kori of Pragmalji II of Princely State Kutch
2024-05-18 SatKutch was a princely state during the British rule in India. It is situated in the Indian state of G...
-
World Hypertension Day
2024-05-17 FriWorld Hypertension Day is observed annually on May 17th to raise awareness about high blood pressure...
-
Silver Tanka of Bengal Sultan Daud Shah Karrani
2024-05-16 ThuDaud Shah Karrani was the last ruler of the Karrani dynasty in the Bengal Sultanate. He was the youn...
-
K.M.Cariappa
2024-05-15 WedField Marshal Kodandera Madappa Cariappa, was an Indian military officer and diplomat who served a...
-
Gold Pagoda of Mysore King Hyder Ali
2024-05-10 FriHyder Ali ruled the Kingdom of Mysore in southern India from 1761 until he died in 1782. He began hi...