Bank of Korea to start CBDC trial in August

Bank of Korea, Seoul

The Bank of Korea (BoK) will start a 10-month test of a digital won in August, the central bank said on May 24.

The BoK will select a private company as service provider via bidding to conduct the test, it said in a tender notice on Monday. The budget for the test is 4.96 billion won ($4.44 million).

The test will examine the functionality of central bank digital currency (CBDC) in a virtual environment. The BoK will then decide whether to introduce the digital won for broader use.

The BoK is

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