Bank of Korea launches test pilot for Central Bank Backed Digital Currency, to be complete by EOY 2021

posted 6 months ago
The Bank of Korea initiated a test program to check the capabilities and necessary technologies required for launching a central bank digital currency (CBDC). The test program began last month and will provide a decisive conclusion by the end of next year. The idea behind the testing is to identify the necessary technologies and legal provisions required to launch a blockchain-based digital currency.

The BOK also stated “The need to issue a CBDC in the near future still remains slim when considering the demand for cash that still exists, the competitive payment service market, and high-level financial inclusion. But there is a need to be able to quickly take steps in case of market conditions at home and abroad change rapidly… BOK seeks to set up a pilot CBDC system in order to take preemptive steps against changes in the environment.”
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