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The Central Bank of Korea is pursuing its national digital currency plan because it is now looking for technology suppliers to design a trial platform for the digital won.
The Bank of Korea announced that it has initiated a bidding process to select technology partners to study the practicality of launching central bank digital currencies in a test environment, Reuters Reported on Monday.
The Bank of Japan stated that this move is a response to the rapid changes in the global financial system. He said: “The share of cash transactions is falling sharply. The steps we are taking now are to prepare for changes in the payment and settlement system, and the changes are rapid.”
According to this report, the pilot CBDC platform of the Bank of Japan will include simulations of commercial banks and retail outlets, test payments via mobile phones, fund transfers and deposits. The pilot program is scheduled to be carried out from August 2021 to December 2021, and may be extended to next year.
Bank of Korea Published books related to CBDC In February, it announced plans to test the distribution of digital won and outlines plans for legal challenges related to state digital currencies.
In March, Shinhan Bank, a major commercial bank in South Korea Developed a blockchain-based test platform Cooperate with LG CNS, the IT service department of LG Corporation, to provide services for CBDC. According to reports, the bank expressed its willingness to cooperate with the Bank of Japan to develop a national digital currency.
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