The Bank of Korea, which recently completed its first CBDC experiment, tested the use of a digital won for cross-border remittance payments and NFT purchases. By camomileshumba
, Rhee said that some decisions about a digital won required"trade-offs."
"We have realized that there is no such thing as perfect technology or CBDC designs that can satisfy all the various goals and expectations at the same time," Rhee said. For instance, the bank made a decision to"improve compliance at the sacrifice of privacy," Rhee said. BoK established a virtual money laundering and terrorism financing monitoring system and will facilitate data submission, Yonhap News reported.
The experiment found that a CBDC could process up to 2,000 transactions per second, Yonhap News reported. However, it also found that distributed ledger technology, which underlies crypto, does not yet have the scalability needed for a retail CBDC, Rhee said in his speech. So it may be better to use the standard centralized ledger database, he added.
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