South Korea’s central bank begins search for technical partner to launch CBDC

The Bank of Korea began selecting a technical partner to launch the national digital currency (CBDC). According to Reuters.

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According to the publication, South Korea plans to test the CBDC from August to December 2021. The pilot platform will offer deposits, transfers, and mobile payments via mobile phones using the digital won.

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“The share of cash transactions is shrinking significantly. We are preparing for changes in the payments and settlement system,” said a Bank of Korea spokesperson at a press conference.

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In March, Shinhan Bank, the oldest bank in South Korea, in partnership with the IT division of LG Corporation presented a pilot blockchain platform for the CBDC.

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According to a PwC report, the Bahamas and Cambodia were leaders in CBDC development.

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The Bank of England called the launch of a CBDC ‘quite likely’. The Bank of Israel returned to the idea of issuing a digital shekel. In Kazakhstan they indicated the timelines for the pilot launch of the CBDC.

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