The South Korean central financial institution introduced on Oct. 7 that it’ll start the distribution part of its central financial institution digital forex, or CBDC, pilot scheme subsequent yr.
It will see the digital gained enter circulation, with monetary establishments getting concerned within the distribution and transactions being recorded to the blockchain, in accordance with an article in native media outlet The Korea Herald.
As Cointelegraph reported, Financial institution of Korea’s 22-month CBDC pilot scheme launched in March of this yr. Distribution is the third and ultimate part of this system and would appear to be on schedule with the roadmap introduced on the scheme’s launch.
Section one was accomplished in July, and outlined the necessities and design of the CBDC together with a evaluation of the expertise wanted to implement the venture.
The second part is presently underway, and is concentrated on an evaluation of the enterprise and associated processes. That is scheduled to run till the top of the 2020, resulting in the ultimate construct and distribution part.
Regardless of strong progress on the pilot program, the Financial institution of Korea maintains that it has no presently confirmed plans to launch a CBDC as soon as it completes. Somewhat, it needs to be absolutely ready to take such measures if market situations, both nationally or globally, have been to vary out of the blue.
This can be the case as soon as China’s persistently “just-around-the-corner” digital yuan lastly launches, with stories suggesting that South Korean retailers could be open to accepting this as a fee methodology.