Korea’s Central Bank to Establish AI, Blockchain Divisions

The Bank of Korea has decided to set up a “Digital Innovation department” via organizational changes before the end of this year. Specifically, the bank intends to develop and roll out tools based on artificial intelligence and blockchain, via the digital innovation department.

The department will carry out works such as putting into effect latest digital technology decisions and widening the digital framework. Commenting on the task, an executive at Bank of Korea stated:

“We will improve work efficiency by applying minutes from meeting minutes to financial and economic indicator trends and foreign exchange audits with the technology introduced.”

It can be remembered that the Bank of Korea was studying the feasibility of utilizing blockchain technology for bond market. This would permit the disbursement of bond documents to all partakers. The government had earlier announced that it will set aside a maximum of $3.20 million for promoting blockchain innovation.