CODIV-19 is Accelerating CBDC to Bank of Korea after China and USA

"Social distance" has become an important issue as infectious disease Coronavirus (COVID-19) is spreading. Consequently, the bank of Korea has recently taken steps in CBDC experimental management plan.

This is due to rapidly increasing size of mobile simple payments and remittances as non-face-to-face economic activities are taking place. In addition, there has been a growing tendency to reduce contact between people as much as possible through simple payments such as Kakao Pay instead of cash or credit cards.

In response, the bank of Korea also announced that although there are no exact guidelines from regulators, it plans to conduct CBDC tests to ensure that China, the U.S., and Japan are actively engaged in the central bank-issued digital currency (CBDC).

In particular, China has been speeding up its plan to issue CBDCs within this year for the first time in the world since before the coronavirus (CODIV-19), while six central banks -- Canada, Britain, Japan, the European Union (EU), Sweden and Switzerland -- also left the CBDC research group in January.

It is the worldwide craze for the coronavirus (CODIV-19) that has accelerated in this atmosphere. As the efficiency of governments' payments for emergency disaster aid and support has been unsatisfactory, experts are suggesting ways to introduce digital currency (piat) using electronic wallets as a solution.

This is because the introduction of digital currency (CBDC) is not only fast, but also transparency in work before and after the payment of subsidies is guaranteed. Until now, government subsidies have often been accused of deviations by some government officials, causing the use of subsidies to become less transparent or useful.

However, there are a lot of tasks to overcome. The first is security and hacking. CBDC is digital nature and the damage is beyond imagination when hacked. Assuming the worst-case scenario, the global economy can "blackout" in an instant. Moreover, the beginning and the end of each government's digital currency (CBDC) are drawing keen attention to measures to issue digital currency (CBDC) in each country, as there are many concerns that it will turn into a venue for speculators.

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