The Bank of Korea conducts CBDC verification test in the second half of this year… External consulting completed in March
The Bank of Korea will complete external consulting by March and conduct empirical tests in a virtual environment from the second half of the year.
Bank of Korea Governor Lee Ju-yeol said at the plenary meeting of the National Assembly’s Planning and Finance Committee on February 23, 2021, “The overall review is underway.” “The review in terms of CBDC design and technology is almost finished.”
The BOK is also planning to work hard to lay an institutional foundation for the issuance of CBDC.
Governor Lee said, “We will strengthen research on the institutional conditions and technical feasibility underlying the CBDC issuance,” and “We will expand professional manpower and dedicated organizations, and test the application of distributed ledger technology.”
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The Bank of Korea is reviewing the technical and legal matters necessary to introduce CBDC. In July 2020, the CBDC design, definition of requirements, and implementation technology were reviewed in the first phase. Currently, CBDC business process analysis and external consulting are in progress in two stages.
Through external consulting by the end of March, the CBDC pilot system will be established, and CBDC operation testing in a virtual environment will be carried out in the second half of the year. We also analyze and respond to the possible impact on payment and settlement if the use of private digital currency spreads.
It is also planning to establish a standard for distributed ID (DID) in the financial sector. Distributed ID in the financial sector is a technology for user identification during non-face-to-face financial transactions, and is promoted to activate digital identification. The Bank of Korea standardizes to support the development of distributed IDs by financial institutions.
Earlier, the Bank of Korea published a report on February 8 stating that the CBDC can be granted fiat currency status. The report said that the CBDC can be given legal status, but the Bank of Korea Act must be amended in order to actually issue it.
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