Bank of Korea completes first phase of digital currency pilot
The second phase of the CBDC mock testing is expected to complete by June this year The Bank of Korea has successfully completed the first phase of its central bank digital currency mock testing started in August 2021. The South Korean central bank said that the first phase of its CBDC mock testing was completed in December while the second phase is currently underway, reported YNA news. The first phase of the mock test involved some of the basic functions of the sovereign digital currency such as distribution and issuance.The second phase of the central bank digital currency (CBDC) pilot....
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The Bank Of Korea has effectively concluded the pilot testing of the issuance and distribution of their digital currency. It has also gone to state that BOK will have the central bank digital currency testing program ready by June of 2022. The Bank of Korea has wrapped up the principal phase of its two-part mock […]
The South Korean central bank is on track with its CBDC pilot program, but still insists it has no current plans to launch. The South Korean central bank announced on Oct. 7 that it will begin the distribution phase of its central bank digital currency, or CBDC, pilot scheme next year.This will see the digital won enter circulation, with financial institutions getting involved in the distribution and transactions being recorded to the blockchain, according to an article in local media outlet The Korea Herald.As Cointelegraph reported, Bank of Korea's 22-month CBDC pilot scheme launched in....
South Korea’s monetary policy regulator is taking steps to create its own digital coin. Bank of Korea is now looking for a technology provider to develop a test environment for the project. The news comes after major commercial banks expressed skepticism over their cooperation with domestic cryptocurrency exchanges. Central Bank of Korea to Launch Pilot Platform for CBDC The tech supplier will be chosen through an open bidding process, Bank of Korea (BOK) announced Monday. Its task will be to set up a pilot platform for the launch of the South Korean central bank digital currency....
South Korea's central bank has issue a book on legal matters that would need to be addressed to ensure the smooth operations and usefulness of a future central bank digital currency. Last fall, the Bank of Korea announced it would be testing the distribution of a central bank digital currency in 2021. Preparations appear to be going ahead on multiple fronts, with the bank's publication of a new book today dedicated to the legal questions raised by the potential issuance of such a currency.According to a summary in Korean media, the book calls for revisions to the law to ensure that a....
Samsung, the Korean tech giant, has decided to participate in a central bank digital currency (CBDC) program that is being carried out by the Bank of Korea. The company will be testing the feasibility of using these new instruments in its lineup of Galaxy phones, specifically assessing the possibility of making offline payments between peers. Samsung Participates in Korean Digital Currency Pilot Samsung, the Korean technology behemoth, has agreed to aid the Bank of Korea in running a test pilot for a central bank digital currency that will assess the feasibility of using these instruments....