Republic of korea's central bank, the Banking concern of Korea, has conducted new research and analysis on the progress of cardinal depository financial institution digital currencies — or CBDCs — around the globe.

The bank released its "Overseas CBDC Progress Written report" on May 18, in which the establishment analyzed the CBDC projects of 14 central banks.

New tech is a catalysts for CBDC projects

The bank constitute that contempo advances in payment settlements, decentralized ledger technology and the sharp declines in cash utilize are the main factors driving central banks to research and develop CBDCs.

Most cardinal banks in the report are currently developing IT systems to examine the feasibility of the established CBDC model.

According to the report, central banks in Sweden, Singapore, Canada, Nippon, Thailand, Hong Kong accept revealed the implementation of distributed ledger engineering science in their respective CBDC research. Bank of Korea explained:

"Near central banks are focusing on research on whether new futurity-oriented technologies can be applied to CBDCs, away from the centralized ledger management and business relationship-based transactions that are currently applied to payment and settlement systems."

Small vs. large payments

Norway, the Eastern Carribean Fundamental Bank, the Commonwealth of the bahamas, Sweden, the Uk and People's republic of china are researching CBDCs for micropayments, while Switzerland, Singapore, Canada, Thailand, Hong Kong, and France are concentrating their CBDC efforts for treatment large sums.

Co-ordinate to the written report, Sweden and Mainland china have already completed proofs-of-concept and have reached the pilot stage, while the Bahama islands' CBDC is in trial operation.

The Eastern Carribean Cardinal Bank, Japan, the European Cardinal Banking company, Singapore, Canada, Thailand and Hong Kong are still exploring the concept of a CBDC.

Further plans

Bank of Korea said it is considering the possibility of using various distributed ledger platforms such as Hyperledger Fabric and Coda in its own CBDC project.

The bank will continue to exchange information with tech firms at home and abroad, and plans to seek external technical advisors.

Cointelegraph reached out to the bank for additional details but received no response as of press fourth dimension. This article will exist updated accordingly should a response come up in.