The Bank of South Korea (BoK) will work with local banks to test the issuance and distribution of the national digital currency (CBDC) over the next year. This is reported by BoK.
According to the source, the emission test is the final part of three stages of the central bank's pilot program. The first stage, design and technology validation, was completed in July this year. The second stage, which is aimed at analyzing related processes and finding external consultants, has been recently launched.
As China is fast approaching the launch of the digital yuan and has already conducted tests throughout the country with the support of banks and companies, South Korea took steps to accelerate its work on CBDC in April.
As with the digital currency tests of the central bank in China, BoK will test the CBDC on a block-type basis with partner banks to verify the coin issue process.
Recall that the Bank of Korea has announced its intention to issue the national virtual currency in April 2020.
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