Keynote address by Governor of the Bank of Korea Chang Yong Rhee, 'Central bank digital currency - what we have learned from a recent hands-on experiment', given at IMF-Singapore Regional Training Institute Peer-Learning Webinar.
The Governor discussed four lessons the bank learned from its 10-month experiment on a retail CBDC based on distributed ledger technology:
- First, introducing a CBDC involves not just developing technology but also a process of balancing trade-offs between various goals.
- Second, developing a successful CBDC is much more complex than anticipated.
- Third, it may never be too early to establish effective private-public partnerships for CBDCs.
- Lastly, further exploration of wholesale CBDCs is essential.