South Korea Central Bank Digital Currency Preparation
The Bank of Korea announced on April 6 that it launched a pilot program to evaluate the logistics of a central bank digital currency, or briefly CBDC. The South Korean central bank does not have a plan to implement such a currency immediately, but the pilot program will ensure that it is ready to do so in the face of changing market conditions.
The 22-Month Pilot Program will include a technological and legal review of the CBDC regulation, according to the statements made after the theoretical research in February 2020. In addition, the pilot program, which started in March, is planned to last 22 months until December 2021.
Following this, an analysis of business processes that last until the end of 2020 will be made. Finally, it is stated that the entire 2021 will be the process of creating and testing a 12-month CBDC pilot system.