South Korea CBDC

Proof of concept

South Korea

Central Bank(s)

Bank of Korea

Announcement Year

2020

Status

Proof of concept

Retail/Wholesale

Retail

Technology Provider

Ground X (Kakao)

DLT / non-DLT

DLT

Main motivation/goals of the CBDC

Goals include more efficient and advanced payments systems and higher financial inclusion.

Description

Completed first phase of CBDC testing

Link to announcement

www.ajunews.com

Timeline

Last update: June 2022

June 2022

Updated data

Link to announcement: www.ajunews.com

January 2022

Updated data

Description: The program, will be carried out in a "virtual environment", will consist of two stages. The first stage, focusing on research and testing of central bank digital currencies' basic role, is scheduled to be completed by December, followed by the second stage centered on more detailed concepts, such as privacy protection. The second stage is slated to wrap up in June 2022. Completed first phase of CBDC testing

Link to announcement: www.coindesk.com

August 2021

Updated data

Technology Provider: Samsung SDS Ground X (Kakao)

Description: The Bank of Korea announced on April 2021 that it will launch a pilot program starting in August to assess the logistics of issuing a central bank digital currency or CBDC. While the South Korean central bank has no immediate plans to introduce such a currency, the pilot scheme will ensure that it is prepared to do so in the face of changing market conditions. The program, will be carried out in a "virtual environment", will consist of two stages. The first stage, focusing on research and testing of central bank digital currencies' basic role, is scheduled to be completed by December, followed by the second stage centered on more detailed concepts, such as privacy protection. The second stage is slated to wrap up in June 2022.

Link to announcement: www.koreaherald.com