The Bank of Korea (BOK) is speeding up its efforts to create a central bank digital currency (CBDC) experimental program, The Korea Times reported. BOK reportedly intends to release more information on a consulting collaboration with a local firm.
A possible partner will assist the central bank in making a CBDC system framework based on the results from the first stage’s research results. In July, BOK had completed its first-stage review prior to getting the CBDC pilot system ready.
“The BOK will team up with a consulting partner to map out the overall work process and architecture to operate the digital currency system, and both sides will also come up with specific action plans to successfully establish the pilot system on time,” a BOK official said, per the report.