The Bank of Korea (BOK), South Korea's central bank, has just reported it is continuing to move forward with the development of its central bank digital currency, Reuters has reported.
In particular, the regulator has reported it is set to choose a technology provider to build a pilot platform for its digital currency.
According to the bank, it has initiated an open bidding process aimed at investigating the practicalities of implementing a central bank digital currency (CBDC) in a test environment.
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It should be noted the BOK is not the only central bank working on a CBDC, as other central banks such as China's or the UK's are also developing their own digital currencies with the aim of modernizing their financial systems, protecting themselves from the threat of cryptos and speeding up domestic and international payments.
The pilot program will run from August to December this year, and could be extended to a second phase next year.