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Bank of Korea is Now Piloting its Own Digital Currency


Bank of Korea is Now Piloting its Own Digital Currency
  • Bank of Korea says it is testing whether a CBDC would be stable in a 22-month pilot program.

  • The announcement comes as other countries in Asia and around the world work on their own CBDCs.

  • If successful, a digital won could replace paper currency in the country.

South Korea’s central bank today announced that it has launched a pilot program to test a central bank digital currency (CBDC). The Bank of Korea (BOK) said the program would run until December 2021, with a focus on the design and requirements of such a currency, a review of the technology, and a stage of business process analysis and consulting. The central bank would then construct and test the currency. South Korea now finds itself contending with other major global economies, such as Japan, China, and France, who are each exploring the prospect of releasing their own central bank digital currencies. Read More...