Back in the fall of last year, the Bank of Korea announced the start of testing the national digital currency (CBDC).
According to the Central Bank, testing of the token tied to the won should begin as early as 2021.
According to Reuters, tests of the digital won should begin in August. They will last until the end of this year. Test participants will be able to test the capabilities of CBDC as a means of payment, as well as a tool for sending and saving funds.
The regulator promises that token holders will be able to manage their transactions through a mobile application.
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It is worth noting that many states are rapidly moving towards the creation of a national digital currency. For example, back in early April, it became known that the Bank of Japan had begun testing the digital yen. Token testing will take place in three stages.
At the last stage, ordinary citizens and private companies will have access to the coin.
Only after assessing the potential risks and successfully passing all three phases, the Central Bank of Japan will decide on the feasibility of launching the CBDC.