South Korea’s central bank set to test digital currency in 2021
The Bank of Korea is set to test its digital currency for pilot transactions next year. According to South Korean state-run news agency, Yonhap, as of Wednesday, the central bank had completed the design and technology review of its digital currency and will now focus on testing it.
The test will determine whether the digital won system operates normally in a “restricted environment.” The Bank of Korea would remain in charge of the issuance and redemption of its digital currency, while private financial institutions would manage distribution.
A bank official told Yonhap: "The CBDC [central bank digital currency] test system can be seen as the process of actually circulating cash.” The central bank plans to use blockchain technology to manage CBDC test transaction details.
The Bank of Korea started its CBDC pilot program in April, and at the time, said the plan would run until December 2021. The bank has indicated the pilot program is no guarantee it’ll launch the digital won.
John McAfee arrested in Spain over US criminal charges
Tech magnate turned crypto evangelist, John McAfee has been arrested in Spain on allegations of tax evasion, according to the US Department of Justice. His extradition to the US is currently pending.
On Monday, DoJ prosecutors unsealed a criminal indictment against McAfee who faces tax evasion charges and wilful failure to file tax returns. If convinced, he could face five years behind bars. The announcement came the same day the US SEC sued McAfee for allegedly pumping initial coin offerings (ICOs) without disclosing he was being paid to do so.
McAfee allegedly received BTC and ETH worth over $11.6 million for promoting seven ICOs in 2017 and 2018. He also received $11.5 million in the promoted tokens.
According to the SEC, McAfee raised a total of $23.2 million projects which raised a whopping total of $41 million.
The SEC is seeking civil penalties and an order prohibiting McAfee from serving as a public officer again in the future. His personal security guard, Jimmy Gale Watson, was also sued in the complaint.
South Korea’s central bank set to test digital currency in 2021
The Bank of Korea is set to test its digital currency for pilot transactions next year. According to South Korean state-run news agency, Yonhap, as of Wednesday, the central bank had completed the design and technology review of its digital currency and will now focus on testing it.
The test will determine whether the digital won system operates normally in a “restricted environment.” The Bank of Korea would remain in charge of the issuance and redemption of its digital currency, while private financial institutions would manage distribution.
A bank official told Yonhap: "The CBDC [central bank digital currency] test system can be seen as the process of actually circulating cash.” The central bank plans to use blockchain technology to manage CBDC test transaction details.
The Bank of Korea started its CBDC pilot program in April, and at the time, said the plan would run until December 2021. The bank has indicated the pilot program is no guarantee it’ll launch the digital won.
John McAfee arrested in Spain over US criminal charges
Tech magnate turned crypto evangelist, John McAfee has been arrested in Spain on allegations of tax evasion, according to the US Department of Justice. His extradition to the US is currently pending.
On Monday, DoJ prosecutors unsealed a criminal indictment against McAfee who faces tax evasion charges and wilful failure to file tax returns. If convinced, he could face five years behind bars. The announcement came the same day the US SEC sued McAfee for allegedly pumping initial coin offerings (ICOs) without disclosing he was being paid to do so.
McAfee allegedly received BTC and ETH worth over $11.6 million for promoting seven ICOs in 2017 and 2018. He also received $11.5 million in the promoted tokens.
According to the SEC, McAfee raised a total of $23.2 million projects which raised a whopping total of $41 million.
The SEC is seeking civil penalties and an order prohibiting McAfee from serving as a public officer again in the future. His personal security guard, Jimmy Gale Watson, was also sued in the complaint.