South Korea Effectively Working Towards Developing CBDC.

South Korea Effectively Working Towards Developing CBDC.

2021-05-24 | Selina Mathew

South Korea Effectively Working Towards Developing CBDC.

South Korea’s central bank took another step toward developing a CBDC with plans to create a pilot platform, consistent with a report. The Bank of Korea [BOK] revealed that it intends to choose a technology supplier via an open bidding process to research the practicalities of a CBDC, Reuters reported today on Monday. The test will run from August to December and involve simulations of banks and retailers and embody mobile phone payments, funds transfers, and deposits. BOK’s research into the issuance of a CBDC was published earlier in February and determined that it might be treated like fiat currency, not a crypto asset, and will therefore be exchanged freely with cash. Also in March, Seoul-based Shinhan Bank outlined it had built a blockchain-based pilot platform for a possible South Korean CBDC, which might involve intermediaries like Shinhan to distribute the digital won to users. Central banks of various major economies have announced intentions to research and develop CBDCs in recent months. China is leading the way, with a digital yuan being unrolled to users following trials since late 2020.

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