Italy and South Korea central banks reach agreement on CBDC collaboration
On Dec. 5, Italy’s Banca d’Italia and South Korea’s Bank of Korea joined a pioneering agreement to share knowledge and collaborate on developing central bank digital currencies (CBDCs) and other financial technologies. Through a memorandum of understanding with South Korea’s central bank, the Bank of Korea, both nations have agreed to share knowledge and information concerning information and communication technology issues related to real-time settlement systems and CBDCs. The agreement , signed by Luigi Federico Signorini, Banca d’Italia’s general manager, underscores the two countries’ divergent approaches towards CBDCs. Italy has been leveraging distributed ledger technology to settle transactions through hash-linked contracts, favoring interoperability over the wholesale CBDC approach in other European nations. You might also like: South Korea to pilot CBDC with 100k citizens in late 2024 Having embarked on a pilot of its CBDC infrastructure ...