The Bank of Korea has completed the first and second phases of its retail central bank digital currency (CBDC) simulations and is now progressing to real-world tests involving at least ten commercial banks, Aju Economy reported. Those banks will include Shinhan Bank and NH Nonghyup Bank.
The central bank plans to publish a report on the digital won after completing its research later this year.
Testing with commercial banks will focus on researching remittances and payments between users to verify interoperability between the CBDC and the financial institutions’ IT systems.
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