South Korea to start trials of digital won next year
South Korea’s central bank said it plans to conduct the first transactions with its digital currency in 2021.
The Bank of Korea has already completed the design of the project and intends to further focus on testing in real conditions. The tests should help determine if the digital won system is functioning properly.
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During the pilot launch, the Central Bank will be responsible for issuing and redeeming the CBDC, while private financial institutions will be involved in its distribution. If necessary, the adjustment of transactions will be carried out using the blockchain.
Testing the digital won will be seen as the actual circulation of cash, according to the Bank of Korea representatives. However, a pilot launch does not guarantee that CBDC will go national.