South Korean Central Bank launched a test program to issue cryptocurrencies. Concrete steps are now being taken for the currency named CBDC.
South Korean Central Bank issues cryptocurrency
Central banks of Asian countries, in particular, show a moderate approach to cryptocurrencies. These central banks are even attempting to issue their own cryptocurrencies.
After the China Yuan Bank’s Digital Yuan move, the South Korean Central Bank took an important step in this regard. The Central Bank of South Korea (BOK) has announced that it has begun its testing program to remove the cryptocurrency named CBDC.
A 22-month period has been determined for this program, which started its theoretical studies in February 2020 and started concrete in March 2020. So the test program will end in December 2021.
Within the scope of the test program, designs and requirements will be determined first. Then this pilot system will be created and tested.
South Korea’s short-term plans do not include using cryptocurrencies. On the contrary, South Korea thinks that the use of cash is more important. The CBDC currency is a project initiated for the country to be prepared for the digital demand that may occur in the future.