Banks of Italy and Korea Sign MOU to Share Knowledge on CBDC and ICT Technologies

The Bank of Italy and the Bank of Korea have signed a Memorandum of Understanding (MOU) to facilitate the sharing of knowledge and information on topics related to information and communication technologies (ICT) supporting real-time settlement systems and central bank digital currencies (CBDCs). This collaborative effort builds on their previous partnership in June, where they worked with the Monetary Authority of Singapore and the International Monetary Fund on a paper focused on purpose-bound money (PBM), allowing money to be programmed for specific purposes. The collaboration aims to explore the implications and advancements in CBDCs and related technologies.