NEWS
NEWS
Bank of Korea to launch CBDC pilot for real-world transactions
Participants will make transactions using QR code payments, mirroring existing mobile payment methods. HBowever, instead of drawing from a traditional bank balance, payments will be processed through deposit tokens, a digital representation of money backed by the BOK. Users will convert funds from their bank accounts into deposit tokens, similar to how debit card transactions directly deduct funds. For most participants, the process will feel familiar, much like using Kakao Pay or online credit card transactions.
The Bank of Korea( BOK) has announced the launch of Project Hangang, a three-month pilot programme to test the use of a central bank digital currency( CBDC) in real-world transactions. Scheduled to run from April to June, the initiative will allow 100,000 participants to convert their bank deposits into digital tokens for everyday payments. Unlike cryptocurrencies that operate on decentralised networks, CBDCs are issued and regulated by central banks. The pilot aims to assess the feasibility and functionality of a statebacked digital currency in South Korea’ s financial ecosystem.
Each participant will have a deposit token limit of 1 million won( US $ 689), with a total spending cap of 5 million won. Users can convert their bank deposits into digital tokens multiple times within these limits. Employees at participating banks have already been testing the system, and the BOK has hinted at the possibility of lifting restrictions if the trial proves successful.
Schwab announces strategic investment in Wealth. com to support estate planning capabilities for investors
The Charles Schwab Corporation has announced it has made a minority investment in Wealth. com, the number one rated estate planning platform in wealth management that is modernising how financial advisors help clients of all wealth levels with their estate planning needs.
Schwab’ s investment will help Wealth. com continue to scale its capabilities to make it easier for financial firms and advisors to provide valuable estate planning services to individuals and families. Wealth. com’ s platform equips advisors and financial professionals to offer estate planning solutions that are modern and sophisticated – yet approachable and easy for clients to navigate. Financial advisors use Wealth. com’ s platform to help clients optimise their estate plans or give clients without an estate plan the ability to immediately self-create robust legal documents( e. g wills and revocable trusts) in all 50 US states and DC at a fraction of the cost of an estate attorney.
“ We’ re enhancing our wealth management offer by building out trust and estate capabilities that will help us serve our clients’ evolving needs, wherever they are on their financial journeys,” said Neesha Hathi, Managing Director, Head of Wealth and Advice Solutions.“ Wealth. com is a leading provider of an intuitive and easy-to-use trust and estates process, powered by Artificial Intelligence.”
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