Recently, the Central Bank of South Korea completed the first phase of testing the state-owned digital asset CBDC. It is known that the trial use of the sovereign cryptocurrency was launched in August 2021 and ended in December. Already, according to the YNA report, the financial regulator has started the implementation of the second phase of testing.
According to reports, from August to December last year, specialists from the South Korean Central Bank focused on the process of issuing and distributing a state-owned digital asset.
As part of the implementation of the second phase, there is a speech in the media report, the Central Bank wants to try CBDC directly in the business. So, the developers plan to start making a variety of international payments using the asset, as well as experimenting with retail payments and offline payments.
Already at the end of the second stage of testing, the Central Bank hopes to inform the public that the CBDC asset is ready for use.
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“We are almost sure that very soon we will complete the complete completion of the work on the development of the national cryptocurrency. It remains for us to check how safe the use of CBDC will be for citizens, as well as to test the asset for various off-network settlements and payments, ”the official statement of the Central Bank says.
As of today, South Korea's financial regulator is looking for so-called onboard companies (financial companies, commercial banks), which will play a key role in the second phase of testing. The completion of the last stage of testing, by the way, is scheduled for the end of June 2022.
In this context, it should be noted that South Korea is not the first country to announce its desire to issue its cryptocurrency. At the moment, there are more than 90 states in the world that are developing or have already developed their national digital asset.