Bitcoinist16 minutes ago

Published on July 24, 2023 18:00 GMT+00:00edited on July 24, 2023 18:04 GMT+00:00

In South Korea, numerous private banks are actively researching tokenized deposit technology as a viable alternative to both private stablecoins and central bank digital currencies (CBDCs). Top banks in the region have shown considerable interest in certificates of deposit (CDs)- which refer to tokenized bank deposits that are placed on the blockchain.

CDs serve as a modernized alternative to conventional paper-based notes and deposits without causing any disruptions to the existing banking system. Additionally, utilizing CDs involves adhering to the same rigorous identity verification standards as any other traditional bank service.

According to reports, Hana Bank and Woori Bank, both private enterprises headquartered in Seoul, have demonstrated a keen interest in exploring these …