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South Korea’s apex bank is working to ensure the timely initiation of a central bank digital currency (CBDC) pilot system. The bank completed a first-phase review last month prior to the establishment of the CBDC pilot system.
In a report published by the Korea Times, it was noted that the central bank is planning to reveal information regarding a consulting partnership with a local firm, being part of its second step.
The Bank of Korea welcomes applications from those interested in partnering with it on the project. However, it is yet to reveal when it will select partners.
The report noted that the responsibility of a potential partner is to help with the establishment of a CBDC system architecture according to the results of the research carried out in the first phase.
The bank is going to collaborate with a consulting partner towards mapping out the general work process and architecture of the digital currency system. They will develop action plans towards successful establishment of the pilot system in a timely manner.
Architecture is the general CBDC system structure which includes details like applications, data management, and security. With the help of the architecture, the apex bank is planning to fasten the establishment of the CBDC pilot system.
The apex bank is ready to initiate a pilot test of its CBDC system by the end of 2021. These steps are towards being part of the global banking trend in releasing a digital currency.
As a result of the increase in online transactions, world powers like the U.S. and China are putting in more research efforts to introduce their CBDC.
Several central banks worldwide are actively working on their CBDCs, while some are looking into the possible merits of having a CBDC.