Bank of South Korea (BoK) will test issuance and distribution process with local banksnational digital currency (CBDC) over the next year. This was reported by the Korean Journal.
According to the source, the emission check isthe final part of the three phases of the central bank's pilot program. The first phase, design and technology validation, ended in July this year. The second stage, which is aimed at analyzing related processes and finding external consultants, started recently.
As China quickly approaches launchdigital yuan and has already conducted trials across the country with support from banks and companies, South Korea took steps in April to accelerate its work on CBDC.
As with China's central bank digital currency tests, BoK will be testing blockchain-based CBDCs with partner banks to validate the coin issuance process.
As a reminder, the Bank of Korea announced its intention to issue a national virtual currency in April 2020.
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