Payments News


Bank of Korea Says First Phase of CBDC Test Completed Successfully

“The Bank of Korea wrapped up the first phase of a central bank digital currency (CBDC) simulation project in December, according to a report published on Monday. The first phase tested the basic functions of a CBDC including manufacturing, issuing and distribution in a simulation environment, the report said. It concluded that the CBDC “works normally” under test conditions.Based on the results of the first phase, the report said the South Korean central bank plans to explore implementing other functions such as offline payments and adding personal information protection enhancement technologies.”