The Bank of Korea, the Republic of Korea’s central bank, has successfully completed the first phase of its central bank digital currency (CBDC) testing, which started in August 2021. According to the central bank, the first phase was completed in December while the second phase is now underway and is expected to be completed in June 2022. While the first phase focused on the CBDC’s basic functions such as issue and distribution, the second phase will test real-world functionalities including cross-border remittance, retail payments and offline payments. The Bank of Korea is also looking to onboard financial institutions for the second phase, as China is doing with its digital yuan.
CH-019463 (Webpage Portal) 2022-01-24 (Published) 2022-01-28 (Updated)