South Korea is taking a step forward in the development of digital currency of the central bank CBDC and is looking for a technology partner. South Korea’s central bank wants to launch a pilot version of its digital currency in August.
Despite being a global technology leader, South Korea is working diligently on the digital currency front. However, in March this year, one of the largest banks in the country, Xinhan, announced a new platform for digital currency outside . The bank called on the central bank to join forces.
Now the Bank of Korea has revealed its intentions to start working harder on the digital currency. The bank announced that it wants to partner with a technology company for that initiative. According to Reuters, the bank has started an open bidding process for choosing a partner.
The most successful applicant will work with the regulator to research the feasibility of the digital off-site in a test environment. The Korean test pilot program will last from August to December this year, the bank reveals. When launched, the platform will feature simulations of commercial banks and real affiliates. It will also include mobile payments, money transfers and deposits.