Bank of Korea to launch digital pilot bank project by 2021

The Korean financial bank has accelerated the development of central bank digital currency (CBDC), which is currently at the technological stage.

The Bank of Korea is currently seeking a consultant to complete the second phase of its CBDC plan, The Korea Times reported on Monday.

After the application process is completed, Korean companies can help the central bank develop the CBDC model. Meanwhile, China is striving to become the first country to announce a digital version of the yuan.

China's "DC/EP" digital yuan system is currently being tested by banks and enterprises in some regions.

According to the report, the Bank of Korea CBDC Phase 1 Renovation Project completed its assessment last month, and the assessment results will be used for the next phase. .

The Bank of Korea CBDC architecture saw many aspects of the system, such as security, data processing, and the nature of the application.

Time reported that the Bank of Korea plans to begin operations by the end of 2021.

"Bank of Korea will work with the consulting firm to develop operations and real estate in digital banking," the Bank of Korea director said.

The Korean financial institution is also preparing "special plans" to complete the lawsuit as planned.

The Bank of Korea accelerated the process of improvement this year, but not to develop future CBDCs, but to meet other countries' CBDC plans.