South Korea plans to move bond market to blockchain

South Korea’s Central Bank To Integrate New Blockchain-Based Bond Market Monitoring System.

The Bank of Korea is currently looking for a company that can develop a decentralized solution for accounting for bond transactions, which in the future may become the basis for an instant payment system. Blockchain platform plan to create it taking into account that it will be shared not only by financial institutions, but also by the central bank with the securities market regulator.

South Korea plans to move bond market to blockchain

However, the Bank of Korea will not launch the system until it has fully assessed the potential risks of using it. It is also still unknown if the decision will only support government debt or will extend to the corporate sector..

The government decided to modernize the control system, since the South Korean bond market is one of the largest in Asia and the government regularly offers foreigners to purchase the Central Bank on favorable terms..

Recall that recently the Bank of Russia announced on the successful completion of tests of the blockchain platform «Norilsk Nickel» for tokenization of assets.

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text: Ivan Malichenko, photo: bbsi

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