The Bank of Korea plans to launch a pilot CBDC next year

Original title: "Bank of Korea plans to start CBDC pilot release next year, but still lags Behind China"

Source: Babbitt

South Korea's central Bank announced on Oct. 7 that it will start the issuance phase of its central Bank digital currency (CBDC) pilot program next year, the Korea Times reported.

This will allow the Bank of Korea to test the distribution of digital won in a virtual environment, although central bank officials stressed that there would be no third party involved at this stage, adding:

"This CBDC will be distributed and distributed in the virtual world, and we will test a variety of trading scenarios in a variety of situations."

It was previously reported that the Bank of Korea launched a 22-month pilot CBDC programme in March. The distribution phase in 2021, the third and final phase of the plan, appears to be on schedule with the roadmap outlined when the plan was launched.

The first phase of the CBDC program, which was completed in July, defined the CBDC requirements and design, as well as a review of the technologies needed to implement the project.

The second phase, which is currently under way, focuses on the analysis of the business and related processes. The phase is scheduled to run until the end of 2020, with a final build and distribution phase.

While the pilot programme has made substantial progress, the BANK of Korea insists that plans to introduce CBDC once completed are not yet in place. Instead, it wants to be fully prepared to take such measures in the event of a sudden change in national or global market conditions.

The abrupt change South Korea is talking about is likely to include China's soon-to-be "digital renminbi". In addition, there are reports that South Korean merchants are willing to accept CBDC as a form of payment.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia