The Bank of Korea has registered 44 trademarks for the national digital currency to prevent misleading commercial usage.
This move is not only a precautionary measure but also demonstrates proactive steps amid the competition for trademark registration with domestic financial and technology organizations.
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The Bank of Korea (BOK) has registered 44 trademarks related to CBDC.
The purpose is to avoid confusion caused by commercialization by private enterprises.
The trademark ownership race between BOK and South Korean banks and technology companies is very intense.
What has the Bank of Korea done to protect CBDC trademarks?
The Bank of Korea (BOK) has officially submitted a total of 44 trademark applications for names related to the national digital currency (CBDC), including names like "KRDW" and "Digital Won". According to information from the Korean Intellectual Property Office released on July 8, 38 trademarks are in the public pre-registration phase, indicating BOK's proactive step in controlling trademark rights.
Previously, BOK was very cautious about stablecoins due to concerns about their impact on monetary policy. This trademark registration is not only a defensive action but also reflects the central bank's readiness to control the CBDC name against the wave of registrations from private organizations like KB Kookmin Bank and Polaris Office.
Trademark registration aims to prevent market confusion and protect national interests in the central bank's development of cryptocurrencies.
Park Jong Wook, Director of the Bank of Korea, stated, July 2024
Why does BOK have a cautious attitude towards stablecoins and trademarks?
BOK has previously expressed concern that stablecoins could diminish the effectiveness of traditional monetary policy. According to a 2023 report, major banks and technology firms in South Korea are vigorously registering trademarks for the won stablecoin, especially KB Kookmin Bank and Polaris Office. This creates strong competitive pressure, necessitating BOK to proactively register CBDC trademarks to ensure transparency and precise control over naming in the market.
The current state of trademark registration competition between BOK and private entities
Since May 2023, BOK has started registering trademarks related to CBDC, progressing ahead of private organizations. While banks like KB Kookmin and many technology businesses are also intensifying stablecoin registration processes, creating a fierce competition for trademark ownership.
The impact of CBDC trademark registration on the South Korean cryptocurrency market
BOK's advantage in trademark registration helps consolidate the position of the digital won and creates clarity in the national cryptocurrency branding. This contributes to minimizing the risk of intellectual property loss and avoiding confusion in financial transactions, while enhancing user and investor trust in CBDC.
Proactively registering CBDC trademarks is an important step to ensure the central bank's control and stabilize the domestic cryptocurrency market.
Kim Dong Seok, cryptocurrency finance expert at Seoul University, 2024
Comparison examples between registered organizations
Organization Number of registered trademarks Application status Start date Bank of Korea (BOK) 44 38 trademarks in the public pre-registration phase 05/2023 KB Kookmin Bank and Polaris Office Not specifically disclosed Under registration 2023
Frequently Asked Questions
How many types of CBDC has the Bank of Korea registered trademarks for?
BOK has submitted 44 trademark applications related to the national digital currency, of which 38 have been publicly disclosed prior to registration, demonstrating thorough preparation and proactivity.
Why is BOK concerned that stablecoins affect monetary policy?
Stablecoins may reduce the effectiveness of interest rate control and money flow in the economy, leading to difficulties in conducting traditional monetary policy.
Who are the competitors that BOK is monitoring?
Key competitors include large banks and technology companies such as KB Kookmin Bank and Polaris Office are actively registering trademarks for the won stablecoin.
What does CBDC trademark registration mean for users?
Helps reduce market confusion, protects intellectual property rights, and increases transparency, while boosting user confidence in the national cryptocurrency.
Does trademark registration affect the CBDC development process?
This activity supports the protection of intellectual property and strengthens the legal position before the widespread implementation of CBDC in the market.
Source: https://tintucbitcoin.com/ngan-hang-han-quoc-dang-ky-cbdc/
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