Image: Cointelegraph

The Bank of Korea reportedly establishing a “digital innovation department” as part of organizational reforms in the second half of this year, according to local news media.  

The central bank plans to introduce a number of different technologies, such as artificial intelligence and blockchain, through the new department, Cointelegraph reports.

The department will perform tasks such as implementing new digital technology policies and expanding the latest digital infrastructure. An official from Bank of Korea commented:  “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.”

The Bank of Korea was previously looking to use blockchain for bond market technology. This would allow the distribution of bond records among all participants. 

Korean ministries previously announced that they planned to allocate up to $3.2 million in funding to encourage blockchain innovation in the country.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.