South Korea launches digital won project

The Bank of Korea on Monday announced the launch of a pilot program to test a national digitalcurrency, writes The Block.

According to the regulator, the program was opened inMarch and will last until December 2021. During this time, he expects to determine the technical and legal conditions necessary for the release of digital won. Among other things, the bank wants to understand whether blockchain is a suitable technology for implementing this plan.

In its message, the Bank of Korea gives the organization of the pilot program:

• Design and definition of requirements - March-July 2020;
• Technological assessment - April-August 2020;
• Analysis of the business process and consulting - September-December 2020;
• Creation and testing of the pilot system - January-December 2021.

Bank of Korea notes that it sees no need forthe release of the national digital currency in the near future, as people, among other factors, continue to use cash. Nevertheless, he wants to prepare for a “prompt” response to changes in the payment system when such a need arises.

In December 2019, the Bank of Korea began to hireemployees to study and analyze the experience of developing digital currencies in other countries of the world. Last week, the central bank of France announced the launch of its own initiative in this area. The Bank for International Settlements, meanwhile, said that the coronavirus pandemic could push national governments to digitalize their payment systems.

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