Bank of Korea to launch final stage of CBDC testing in 2021
The Bank of Korea will begin the final stage of testing its own digital currency (CBDC) next year, according to local publication The Korea Herald, citing the regulator.
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The pilot programme is divided into three phases. In the first phase the technology was developed; in the second, processes were analysed and external consultants were sought.
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In the third phase, the central bank will launch the digital currency into circulation.
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The pilot will run until December 2021.
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The central bank stressed that testing a digital currency does not mean the regulator plans to create a CBDC.
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Earlier, the Bank of Korea said it planned to study CBDC last year.
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In June 2020 the regulator included the digital currency in the government’s economy-development programme, and also launched an advisory-legal group to assess the need for amendments to the existing legislation for the issuance of CBDC.
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For details on why central banks need their own digital currencies, read ForkLog’s exclusive.
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