Bank of Korea is experimenting with crypto-won
Like a dozen central banks around the world, Bank of Korea started one Pilot project aimed to test a CBDC.
The goal of the experiment launched last month is to determine the technical and legal resources required for development and output Central Bank Digital Currency (CBDC).
In a Press release, the Central Bank of South Korea presents a roadmap that runs until the end of 2021 and in particular the “design and definition of the requirements of CBDC “And” Building and testing the pilot system of a CBDC “.
The financial institution states that given liquidity demand, the competitive market for payment services, and high financial inclusion, ” No CBDC will need to be issued in the near future, but it’s important to respond quickly to changes. “
The BoK initiative was motivated by other more advanced central banks such as the Bank of Sweden with e-krona or the Chinese central bank, which is currently completing it Crypto yuan.
At the end of March the Bank of France (BoF) In the meantime, a call for applications has been launched Central bank digital currency in interbank regulations.
Also read: The Bank of England opens a debate on CBDC and its contours