Monday, January 24, 2022 4:48:14 PM
PRASHANT JHA
12 HOURS AGO
The second phase of the CBDC mock testing is expected to be completed by June this year
The Bank of Korea has successfully completed the first phase of its central bank digital currency (CBDC) mock testing, which started in August 2021.
The South Korean central bank said that the first phase of its CBDC mock testing was completed in December while the second phase is currently underway, reported YNA news. The first phase of the mock test involved some of the basic functions of the sovereign digital currency such as distribution and issuance.
The second phase of the CBDC pilot would test real-world functionalities such as cross-border remittance, retail payments and offline payments. The bank stated:
"We will confirm the possibility of operating various functions, such as offline settlements, and the application of new technologies, such as one intended to strengthen privacy protection during the second phase of the test."
Bank of Korea (BOK) is also looking to onboard financial institutions for the second phase, quite similar to what China is currently doing with its digital yuan. However, unlike China, BOK-issued digital currency would also focus on user privacy.
The second phase is expected to complete by June 2022, after which the central bank plans to chalk out an official launch and commercialization plans.
South Korea has thus joined the select group of nations that have either started or completed the pilot phase of their CBDC testing. Currently, 91 nations are working on their sovereign digital currency and only 14 nations have reached the pilot phase, as per data from the Atlantic Council.
South Korea has become one of the leading crypto-compliant nations over the past few years and recently revealed its plans to become a world leader in the metaverse as well. While China is currently at the forefront of the CBDC game, many European and Asian counterparts have accelerated their development plans to catch up with its pace.
https://cointelegraph.com/news/bank-of-korea-completes-first-phase-of-digital-currency-pilot
Recent BTCUSD News
- Samourai Wallet forked into 'Ashigaru' Open Source Project • Cointelegraph • 09/22/2024 09:56:05 PM
- Ethereum in Its ‘Final Stages of Capitulation’ Against Bitcoin, According to Analyst Benjamin Cowen • The Daily Hodl • 09/22/2024 08:00:21 PM
- Coinbase chief legal officer responds to cbBTC service terms fears • Cointelegraph • 09/22/2024 07:33:08 PM
- Two California Men Arrested by Feds for Allegedly Stealing $250,000,000 in Bitcoin From Washington D.C. Victim • The Daily Hodl • 09/22/2024 06:45:58 PM
- Bitcoin price strength extends to AVAX, SUI, TAO and AAVE — Are altcoins back? • Cointelegraph • 09/22/2024 06:01:49 PM
- Kamala Harris leading in 4 of 6 swing states on Polymarket • Cointelegraph • 09/22/2024 05:28:55 PM
- Bitcoin Metrics Suggest New Buying Opportunities Are Underway • ZyCrypto • 09/22/2024 05:08:45 PM
- ‘Uptober’ Is Just Around The Corner: Here’s Where Bitcoin Price Is Headed • NEWSBTC • 09/22/2024 04:00:07 PM
- Bitcoin weekly RSI sparks 'intermediate' $85K BTC price target • Cointelegraph • 09/22/2024 02:25:00 PM
- Avalanche (AVAX) Could Rise 50% If It Breaks $28 Resistance – Crypto Analyst • NEWSBTC • 09/22/2024 02:00:17 PM
- Is Bitcoin set for 400% gains against gold? Veteran analyst weighs in • Cointelegraph • 09/22/2024 01:17:37 PM
- Best Opportunity for Bitcoin? BTC Post Halving Re-Accumulation Setup Forming, According to Analyst Willy Woo • The Daily Hodl • 09/22/2024 11:45:05 AM
- African economies show high potential for digital asset adoption • Cointelegraph • 09/22/2024 11:00:27 AM
- Bitcoin Whales Take Profit After Latest Price Jump — Here’s How Much They Sold • NEWSBTC • 09/22/2024 10:00:06 AM
- Investor Chris Burniske Says Crypto Emerging From ‘Early Bull’ Reset, Sees Favorable Conditions for Asset Class • The Daily Hodl • 09/22/2024 09:15:33 AM
- IMF staff propose REDI framework to catalyze CBDC adoption • Cointelegraph • 09/22/2024 08:28:27 AM
- IMF staff propose REDI framework to catalyze CBDC adoption • Cointelegraph • 09/22/2024 08:28:00 AM
- Solana (SOL) Failure To Break $154 Could Lead To $85 Correction – Analyst • NEWSBTC • 09/22/2024 08:00:20 AM
- ‘It Has To Be Now’ – Raoul Pal Unveils Massive Bitcoin Price Target, Says BTC Repeating 2023 Rally ‘Perfectly’ • The Daily Hodl • 09/22/2024 07:04:24 AM
- Crypto PR exec relishes 'skepticism' around crypto marketing • Cointelegraph • 09/22/2024 06:53:33 AM
- CFTC slaps $36M fine on man for 5-year crypto investor fraud • Cointelegraph • 09/22/2024 03:14:58 AM
- Solana Jumps 10% As Fed Eases Rates, Analysts Eye Even Higher Gains • NEWSBTC • 09/22/2024 02:00:42 AM
- Trump buys burgers with BTC, Arthur Hayes skeptical on rate cut, and more: Hodler’s Digest, Sept. 15 – 21 • Cointelegraph • 09/22/2024 12:10:40 AM
- Bitcoin ‘Final Cycle Pump’ Puts Price As High As $200,000 • NEWSBTC • 09/22/2024 12:01:42 AM
- Billionaire Ray Dalio Says $35,327,646,622,839 US National Debt Will Not Reverse – Here’s His Outlook • The Daily Hodl • 09/21/2024 11:34:43 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM