The Bank of South Korea announced the launch of a pilot program to test digital won. Testing will last until December 2021.
During the 22-month program, it is planned to determine the technical and regulatory provisions necessary for the creation and issue of digital currency, as well as the design of the digital currency of the central bank (CBDC), the method of operation and blockchain, based on which the digital won will be issued. The regulatory obstacles to issuing state cryptocurrency will also be analyzed.
At the same time, the Central Bank of South Korea emphasized that even after the completion of the pilot program, the cryptocurrency of the Central Bank would not necessarily be launched, especially since the demand for cash remains high. However, the country’s regulator needs to “respond correctly” to changes in the payment sector.
The pilot program will be divided into four stages: determining the requirements for creating a digital currency of the Central Bank, researching technologies, analyzing and consulting on business processes, and creating and testing a pilot system of state cryptocurrency. The last stage is allocated the most time – 12 months.
Back in December last year, it was reported that the country’s Central Bank plans to explore the possibilities of state cryptocurrencies and their prospects. At the same time, according to representatives of the Bank for International Settlements (BIS), the coronavirus pandemic can significantly contribute to the creation of cryptocurrencies of the Central Bank.
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