On 31 August 2020, the Bank of Korea announced it is looking to partner with an external consulting firm to establish a pilot central bank digital currency (CBDC) system.
This move towards plans for a digital won by the Bank of Korea follows an initial rejection of CBDCs in November 2019. Four months later, the bank announced its intention to pilot CBDCs after all, noting the shift in attitude towards digital currency around the world.
The first phase of the project, the ‘technology review’ and research stage was completed in July 2020. The objective of this second phase is to consult and work with a firm to help the central bank create and test the architecture for the CBDC, based on the results of the first phase. The bank aims to implement the pilot system in late 2021.
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