Bank of Korea plans cryptocurrency (CBDC) testing in 2021

South Korea’s central bank has revealed that the third and final phase of its pilot programme for a CBDC will commence in 2021.

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The Bank of Korea (BOK) announced plans of doing a test run on the issuance and circulation of the planned central bank digital currency in 2021, according to The Korea Times. However, the BOK clarified that the test should not be interpreted as a confirmation that it will launch its own cryptocurrency. The pilot programme for the planned CBDC was announced by the Bank of Korea in April 2020 and is expected to last until December 2021.

Phase 1 of the programme, which involved designing and checking the technology that will be used in the project, was already completed in July 2020. The second phase is focused on the analysis of processes as well as coordinating with outside consultants. Meanwhile, the third and final phase of the pilot will focus on the distribution of the cryptocurrency as well as its circulation process.

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