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.