South Korea's central bank has said it plans to conduct the first transactions with its digital currency in 2021.
The Bank of Korea has already completed the designproject and in the future intends to focus on testing in real conditions. The tests should help determine whether the digital won system is functioning properly.
During the pilot launch, the Central Bank will be responsible forissue and redemption of CBDC, and private financial institutions will handle its distribution. When necessary, adjustments to operations will be carried out usingblockchain.
According to representatives of the Bank of Korea,testing the digital won will be seen as the actual circulation of cash. However, a pilot launch does not guarantee that CBDC will go national.
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