The Bank of Korea will identify a potential partner to help create the Central Bank’s digital currency system architecture (CBDC). This was preceded by the design and definition of requirements for the developer of the digital won, the Korea Times reports.
The CBDC architecture includes aspects such as applications, data management, and security.
As part of the second phase of testing the digital won, the partner will also help the regulator develop a roadmap for specific actions.
By using the architecture, the regulator expects to speed up the creation of a pilot CBDC system. This will allow us to move to its practical testing by the end of 2021.
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