Bank of Korea to pick consulting partner for CBDC

Monday 31 August 2020 10:45 CET | News

The Bank of Korea (BOK) has been accelerating its drive for the timely establishment of a central bank digital currency (CBDC) pilot system.

The latest move is part of the BOK's drive to join the global banking trend toward digital currency. In July 2020, the central bank finished its first-phase review before setting up the CBDC pilot system. It plans to unveil details for a consulting partnership with a local company on August 31, as part of its second step toward the CBDC drive.

Those interested in partnering up for the project can apply form to the BOK. The central bank did not share specifics over when it would make its selection. Under the second-phase project, a potential partner will help the BOK establish a CBDC system architecture based on the first-phase research results.

Architecture refers to the overall CBDC system structure ― including details such as applications, data management and security. The central bank is set to begin the pilot test of its own CBDC system by the end of 2021.

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Keywords: CBDC, architecture, Central banks, central bank digital currency, Bank of Korea, cryptocurrency, pilot, trial
Categories: DeFi & Crypto & Web3
Countries: Korea, Democratic People's Republic of
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DeFi & Crypto & Web3