Bank of Korea completes first phase of digital currency pilot


The Financial institution of Korea has efficiently accomplished the primary section of its central financial institution digital forex mock testing began in August 2021. 

The South Korean central financial institution stated that the primary section of its CBDC mock testing was accomplished in December whereas the second section is at the moment underway, reported YNA information. The primary section of the mock take a look at concerned among the primary features of the sovereign digital forex comparable to distribution and issuance.

The second section of the central financial institution digital forex (CBDC) pilot would take a look at real-world functionalities comparable to cross-border remittance, retail funds and offline funds. The financial institution acknowledged:

“We are going to verify the potential of working varied features, comparable to offline settlements, and the appliance of recent applied sciences, comparable to one meant to strengthen privateness safety throughout the second section of the take a look at.”

Financial institution of Korea (BOK) can also be trying to onboard monetary establishments for the second section, fairly much like what China is at the moment doing with its digital yuan. Nonetheless, not like China, BOK-issued digital forex would additionally give attention to person privateness.

The second section is anticipated to finish by June 2022, after which the central financial institution plans to chalk out an official launch and commercialization plans. 

Associated: Does a Fed digital greenback go away any room for crypto stablecoins?

South Korea has thus joined the choose group of countries which have both began or accomplished the pilot section of their CBDC testing. As per knowledge from the Atlantic Council, at the moment, 91 nations are engaged on their sovereign digital forex and solely 14 nations have reached the pilot section. 

World CBDC Growth Tracker Supply: Atlantic Council

South Korea has turn into one of many main crypto-compliant nations over the previous few years and lately revealed its plans to turn into a world chief within the metaverse as properly.  Whereas China is at the moment on the forefront of the CBDC recreation, many European and Asian counterparts have accelerated their improvement plans to meet up with its tempo.



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