New post
George Ma
in
Crypto
April 7 18:00

South Korea is testing digital won

Another question to be answered is the applicability of blockchain as a basic technology.  
58
0
South Korea's monetary regulator will look into technical and legal basis for issuing and creation of CBDC (Central bank's digital currency) from March to December 2021, according to The Block.

Another question to be answered is the applicability of blockchain as a basic technology.
The legal aspect is based on an analysis of changes to Bank of Korea Act, which will require crypto won release.
A pilot project is going to be broken down into the following stages:
1) Designing CBDC and defining the requirements: March-July 2020.
2) Techreview will commence between April and August 2020.
3) The analysis of business processes will run from September to December 2020.
4) Development of CBDC pilot system and testing will happen January - December 2021.
As far back as December 2019, CBDC announced formation of a task force to study digital won.
In the last report, researchers from the Bank for International Settlements (BIS) expressed confidence that the spread of Covid-19 would accelerate adoption of online payments, as well as find issues related to national digital currencies.
Earlier, Alipay and the People's Bank of China already completed the basic functionality of digital currency and are now focused on preparing laws to regulate its circulation.