Korea begins development of digital currency
Cryptocurrencies are very popular not only in the European and American regions. Newfangled money is widely in demand in Asia. Local developers are actively mastering new technologies, constantly improving existing ones, and issuing new coins. Such popularity of the Blockchain could not go unnoticed by the authorities. But while the Chinese government introduces criminal articles for mining and seeks full control of the entire industry, some countries behave much more humane. For example, the South Korean government has developed a national digital currency development strategy. A reasonably tempting project definitely needs a detailed description. Let’s get it right.
Who is behind the development?
As in most similar cases, the Central Bank is rethinking the state economy. In South Korea, this structure is well developed and actively participates in all economic spheres affecting the country. Authorized persons said that the creation of a digital analogue of the won is, of course, not a primary, but rather important project. Now the state is going through quite difficult times. The spread of a dangerous viral disease in the Asian region is multiplied by the financial crisis. That is why, most likely, you should not expect an early launch of the internal crypt. Potential developers emphasized that they are ready to start the project “if necessary.” It’s not yet clear what kind of necessity it is, so we can only guess about the nuances of the platform.
Most likely, the digital currency will work on the principle and likeness of Chinese cryptocurrencies. The Chinese CBDC is under active development, so the neighboring countries will definitely be inspired by the success of the project. It is unlikely that we will see an analogue of the digital euro, which is already being developed in France and other European powers. The specifics of the region will affect the state cryptocurrency.
When to expect the launch of digital currency?
Probably not in 2020. It is unlikely that the developers will have time to create and test a working currency in six months. It is possible that around December the first tests will take place. Recall that, in addition to the national crypto, South Korea plans to introduce artificial intelligence everywhere and collect information about citizens in one service. The latter is traditionally called Big Data and is already operating in many developed countries. So South Korea is moving in the right direction and once again emphasizes the importance, significance of crypto for the whole world.
In addition, we will discuss state artificial intelligence. Most likely, we are talking about modified Chinese developments. Recall that a system has long been tested in the country, which constitutes a separate reputation for each resident of large cities. Thanks to the cameras, AI records a violation of the rules of the road, uncivilized behavior and more serious crimes. The system captures offenses and binds them to a specific person. Thus, each citizen receives his own unique rating. The decrease in crime and the growth of law enforcement are obvious.
The active introduction of digital currency into the ecosystems of entire countries will not be able to remain without attention of the world community for a long time. It is likely that soon the development of the state CBDC will begin in your country. It remains only to wait and follow all the news of the crypto industry with us. We publish exclusively high-quality and interesting material. Thank you for the attention. Good luck!