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South Korea Completes Initial Test of CBDC, Second Phase to Close by June

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South Korean and financial chart on black background.

The Bank of Korea has finalized the first phase of a central bank digital currency pilot project; the second phase will conclude by June.

Source: Bank of Korea

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The pilot tested the basic capabilities of the currency like production, issuing, and circulation in a controlled environment, where it found it to function normally.

The bank says that it would roll out other aspects like offline payment support and personal data enhancement technology.

The institution wants to do a comprehensive project evaluation and usability tests with financial institutions in the coming phase.

BoK adds that additional experiments should be done to ascertain that the digital currency can work effectively in a conventional business environment.

Bank of Korea began developing CBDC in 2020 and partnered with Ground X, a firm linked to Kakao.

China is also testing its eCNY, while Nigeria has unveiled eNaira as central banks across the globe race to launch CBDCs.

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