The central bank of the East Asian country – Bank of Korea – has reportedly carried out the first stage of its two-part mock testing of its CBDC in December. The institution also revealed that the project is currently running its second phase.The Bank of Korea successfully completed the program’s first stage in December last year, but the local media outlet – The Korea Herald –the news today .
The bank expects to finalize the project in June this year. Later on, it intends to discuss the actual launch and commercialization of the CBDC with the Korean authorities. The institution also has plans to expand the scope of the experiment by teaming up with monetary entities., the Central Bank of Nigeria, and more have become part of the global competition to issue their own digital form of national currencies.
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