Aju: Bank of Korea plans “real world” test of CBDC platform with banks in H2

The Bank of Korea will start a real-world test of the CBDC platform with major domestic commercial banks in H2 2022. It plans to verify that remittance and payment between users work smoothly even in an actual financial service environment. The Bank of Korea plans to publish a final report after completing CBDC research in the second half of this year. More than 10 banks, including Shinhan Bank and NH Nonghyup Bank, have expressed their intention to participate.

The Bank of Korea implemented basic functions such as CBDC manufacturing, issuance, distribution, and redemption in the first phase simulation conducted from August to December last year. In the second-phase simulation conducted from January to June of this year, functions such as payment, digital asset transaction, and cross-border remittance were tested.

An official from the Bank of Korea was cited in Aju News saying: “Even if the CBDC research is completed, it will take a long time to actually introduce it.”

Source (Korean)

Related Posts

Previous Post
EquiLend’s 1Source Initiative for DLT and the ripple effect in securities finance
Next Post
Who is Michael Barr, the Fed’s new vice-chair for supervision?

Fill out this field
Fill out this field
Please enter a valid email address.


Reset password

Create an account