South Korea would begin the distribution phase of its CBDC next year

The South Korean central bank announced this on October 7th will begin the sales phase of its pilot project for a digital central bank currency (CBDC) next year.

This will bring the digital won into circulationAccording to an article on the local media show, financial institutions participate in the distribution and transactions are recorded on the blockchain The Korea Herald.

As Cointelegraph reported, The Bank of Korea’s 22-month CBDC pilot project started in March this year. The distribution is the third and final phase of the program and appears to be on schedule with the roadmap presented at the start of the program.

South Korea would begin the distribution phase of its CBDC next year
South Korea would begin the distribution phase of its CBDC next year

The first phase was completed in July and defined the requirements and design of the CBDC, as well as a review of the technology needed to implement the project.

The second phase is currently underway and focuses on an analysis of the business and related processes.. It’s slated to run until the end of 2020, which will lead to the final phase of construction and distribution.

Despite solid progress in the pilot program The Bank of Korea claims it currently has no confirmed plans to launch a CBDC after its completion. Rather, you want to be prepared to take such steps if market conditions at home or abroad suddenly change.

This could happen once China’s digital yuan finally hits the marketReports suggest that South Korean merchants would be willing to accept this as a payment method.

Similar Posts