The Bank of Korea has received the first application to test its own digital currency (CBDC). The bid was submitted by a consortium led by EY’s Korea arm, part of the Big Four auditing firms, The Block reports.
The consortium includes Samsung SDS, the IT arm of Samsung, and Line, the operator of the Japanese messaging app. EY Hanyoung will design the digital won. The other two companies will provide support for the system’s architecture.
The Korean authorities had planned to close the bid round for participation in the experiment on October 19. The consortium’s bid proved to be the only one, so the tender was extended to October 29.
Earlier, the Bank of Korea divided the CBDC pilot testing into phases. In the first two phases, the technology was developed and processes were analyzed.
The final stage is planned for 2021 and envisages the launch of the digital won.
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