Bank of Korea to proceed with CBDC development
Central banks in various parts of the world are ramping up efforts to develop and issue central bank digital currencies. The CBDCs are expected to close the gap between the apex banks and the private financial institutions.The Bank of Korea revealed earlier today that it is moving forward with the development of its CBDC. The apex bank is now seeking a technology supplier that would handle the design of the pilot platform for the digital Won.
According to a Reuters report earlier today, South Korea’s central bank said it would choose a technology supplier soon as it inches closer to piloting its CBDC development. The bank stated that it is making this move due to the fast changes in the global financial system. “The share of cash transactions is decreasing significantly. The steps we are taking now are to prepare for the changes in the payment settlement system, changing rapidly,” the bank added.
The Bank of Korea revealed that the CBDC pilot platform would contain simulations of commercial banks and retail outlets. It will also contain simulations of payments via mobile phones, fund transfers, and deposits. According to the bank, the pilot program is expected to take place from August to December 2021 but could potentially be extended into 2022.
More central banks are taking CBDC development seriously
Central banks I various parts of the world are now taking CBDC development seriously. The global pandemic last year has accelerated the use of digital payment methods in daily transactions and reduced the use of cash. This has led to the rise of stablecoin projects.The apex banks are now working on launching the digital versions of their fiat currencies. This is to ensure that central banks retain control of the financial systems.
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