Bank of Korea successfully completed first phase of digital currency pilot

The Bank of Korea has completed the first phase of its central bank digital currency mock testing started in August 2021. 

Bank of Korea successfully completed first phase of digital currency pilot

The second phase of the CBDC mock testing is expected to complete within June this year. 

in December the second phase is currently running, According to YNA report news. The basic functions of digital currency like distribution and issuance. 

The second phase of the Central bank digital currency (CBDC) pilot would test real-world cross border remittance, retail payments, and offline payments, The bank stated: 

"We will confirm the possibility of operating various functions, such as offline settlements, and the application of new technologies, such as one intended to strengthen privacy protection during the second phase of the test."

Bank of Korea (BOK) is looking to a financial institution for the second phase, Similar to China presently doing with its digital yuan, China and BOK also focus on user privacy.

The second phase is expected to complete by June 2022, the central bank aims to chalk out an official launch and commercialization plans. 

South Korea has been joined in the select group of nations that have either started or completed the pilot phase of CBDC testing, according to the Atlantic Council, Presently 91 nations are working on digital currency and 14 nations have completed the pilot phase.

Source: Atlantic Council

South Korea has become crypto compliant nation over the past few years and now it plans to become a worldwide leader in the metaverse. China is currently forefront of the CBDC game, many European and Asian counterparts have accelerated their development plans to capture with its pace. 

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