The Bank of Korea completes the first phase of the central bank digital currency (CBDC) pilot project

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The second stage of the experiment will be conducted until June 22nd

[Blockchain Today Correspondent Han Ji-hye] The Bank of Korea announced on the 24th the results and future plans of the first phase of the simulation research project for the introduction of the central bank digital currency (CBDC).

It is known that the first stage of the simulation test started on August 23rd last year and was completed on the 22nd of last month, and the second stage of the study started on the 23rd of last month and will be carried out until June 22nd. Phase 2 experiments will test practical functions such as cross-border remittances, retail payments and offline payments.

The Bank of Korea said, “In the first stage, we created and implemented a simulation environment in the cloud to confirm that the basic functions of CBDC such as manufacturing, issuance, and distribution were working normally. We plan to check whether new technologies are applied, such as strengthening information protection,” he said.

Previously, credit cards could be used through the mobile app. However, CBDC has the difference that it can directly use digital currency issued by the central bank without going through a credit card company. In other words, it is a concept that uses ‘cash’ rather than ‘card’ as a mobile wallet.

After the end of the second phase of the project in June, the BOK plans to expand CBDC usability experiments and technology verification in cooperation with financial institutions.

Meanwhile, according to the Atlantic Council, an American think tank, 91 countries around the world are currently developing CBDCs, and only 14 of them have reached the pilot stage.

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