The institution also revealed that the project has started running its second phase. During the first phase, the central bank examined the most basic functions of the financial product, such as its issuance, distribution in a cloud-based virtual environment, and production.
The ongoing second stage will review the necessary technology for its actual employment. Wiring and payment offline and trading digital assets acquired in December 2021 will now be tested. The bank expects to finalise the project in June 2022. Later, it intends to discuss the actual launch and commercialisation of the CBDC with the Korean authorities. The institution also has plans to expand the scope of the experiment by teaming up with monetary entities.
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