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Central bank digital currency - what we have learned from a recent hands-on experiment

· Chang Yong Rhee, Governor of the Bank of Korea (South Korea)

Summary written by Dark Majestic in its own words · topics: payments, digital money and crypto-assets, technology, ai and cyber risk

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· Chang Yong Rhee Wiki · Bank of Korea WikiCentral bank digital currency - what we have learned from a recent hands-on experiment

ContextKeynote address by Chang Yong Rhee, Governor of the Bank of Korea, at the IMF-Singapore Regional Training Institute (STI) Peer-Learning Webinar, 28 September 2022.

Why it mattersRhee shares lessons from Korea's hands-on CBDC experiment.

Problems raised
  1. CBDCs risk being too successful or not enough.
  2. Demand for CBDCs may be weak.
  3. Private payments could be crowded out.
Solutions proposed
  1. Run hands-on CBDC experiments.
  2. Share lessons with peers.
  3. Design CBDCs carefully.
Read full speech on bis.org ↗

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