The Bank of Korea has announced it is looking for a supplier of technology for its CBDC project to integrate the digital won. Thus, plans to introduce an innovative means of payment in South Korea are getting even closer.
Representatives of the Korean bank clarified that the partners will help them in researching the practical aspects of starting a national token in a test situation. This involves modulating bank actions such as creating deposit accounts and transferring funds between multiple clients. In addition, they plan to test the viability of digital won in the context of mobile payments.
Back in March, one of the banks in Seoul Shinhan, in cooperation with LG Corporation, proposed one of the test platform options for CBDC, but the BOK has not yet responded to this proposal. Against this background, it can be assumed that the department is still looking for options between the country’s banking institutions for potential cooperation.
The bank noted the importance of the CBDC pilot project partnership in Asia’s 4th largest economy. In addition, according to its representatives, now the payment systems, like the way people approach them, are swiftly transforming. The percentage of cash in daily deals has dropped dramatically. Therefore, only by keeping up with the times along the path of digitalisation, you can keep up with countries such as the United States and China. By the way, the latter began testing the digital yuan long ago in different regions.
The BOK is now planning to launch a test platform for the Korean CBDC from August to December this year.