The Central Bank of South Korea is working on the issue of its blockchain-based bonds and is exploring the possibilities of technology for recording transactions with securities in a distributed registry.
At the end of last year, the Bank of Korea issued a proof of concept (PoC) to transfer transaction records for bonds held in a securities depository into a blockchain system with access for multiple nodes.
Also, the Central Bank is creating a system for issuing debt obligations based on the blockchain. According to the developers, the project will involve individual nodes under the control of the Korean Fair Trade Commission, the Bank of Korea, as well as other regulatory bodies and financial institutions of the country.
Local authorities have confirmed that many financial institutions are already testing the blockchain for issuing government bonds and recording transactions with securities in a distributed registry, as well as checking the possibility of making payments in real-time.
Studying the blockchain potential in the debt market, the Bank of Korea followed the example of the World Bank, which last year, together with the Commonwealth Bank of Australia, first tested the blockchain in accounting for trading operations with bonds in the secondary market. Later, the Commercial Bank of China also issued $2.8 billion blockchain bonds for small businesses.
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