$ 19,084.68
$ 1,331.37
$ 1.00
$ 0.460567
$ 0.487539
$ 1.00
$ 0.000228

The Bank of Korea Finalizes the First Stage of Digital Currency Trial

Atis. Sh
South Korea Finishes First Pilot Stage for CBDC

The Bank of Korea (BOK) recently completed the first stage of the creation of its CBDC successfully. The upcoming stage of this trial could happen as early as June this year. 

The first phase of CBDC was finalized in December. Diving into more details, this initial part of the trial included testing some fundamental operations. These operations involve the distribution and issuance of the sovereign digital currency. 

Moreover, the test will focus more on real-world services in the upcoming stage, labeled as the second phase of the CBDC pilot. According to this, the main goal of testing will lay on cross-border remittances, retail payments, and offline payments.

In an announcement, the South Korean Central Bank stated that the second phase of the test will validate the operation of different services. In regard, the bank emphasized its focus on implementing new technologies. One of the properties of these new technologies considered quite important by the bank is the fact that they increase the privacy protection of the various operations. Furthermore, more and more countries are opening their doors to experimentation with CBDC’s, as well as blockchain technology.

New Technology Implementation On The Second Stage of CBDC Pilot

The application of new services does not stop here, however. The Bank of Korea seeks more financial entities to join their second testing stage. In comparison, this is similar to China’s digital yuan experimentation at the moment. Contrary to China, BOK focuses its primary goal on user privacy.

The expected time for accomplishing the second phase is by June of this year. After its completion, the bank intends to make an official launch about its future plans. 

As a result of the analysis above, South Korea is part of a small group of countries dealing with the pilot phase of their CBDC testing. Analyzing statistical data from Atlantic Council, there are 91 countries actively working on developing their own sovereign digital currency. Accordingly, from all the above nations, there are just 14 countries that have successfully reached the pilot stage.

In the last few years, South Korea has risen to the top of the list when it comes to nations that support cryptocurrencies. Moreover, it has lately announced its aspirations to become a global leader in the Metaverse. On the other hand, China is at the forefront of the CBDC game. Meanwhile, several of its European and Asian peers have hastened their growth plans to keep up with the Chinese development speed.

Also read: 

Klay Thompson to Get Paid in Bitcoin Using CashApp

Shiba Holders Reach New Records As Hopes For a Price Increase Emerge

Bitcoin Fundamentals Deviate From Price Drop as Mining Difficulty Rises

Also read:

Related News

Cardano currently has more than 3,000 stake pooling and decentralization features

ETH PoS Approach Lags Compared to Cardano’s Says Charles Hoskinson

In an interview, Charles Hoskinson, the founder of Cardano stated that Cardano had a superior proof-of-stake (PoS) strategy over Ethereum, in light of the change in consensus mechanism from PoW to PoS.  Charles Hoskinson discussed the launch of Cardano, the upgrade to Vasil’s hard fork, the launch of Dapps, the LACE light wallet, decentralization, CBDC (Central Bank Digital Currency), as well as the metaverse. The IOG/Cardano Foundation team effectively initiated

Read More »
Immediately following the announcement, Bitcoin's (BTC) price wavered for a while before dropping along with American stocks.

75 Basis Point Rate Hike by the Fed Sends Cryptocurrencies on a Downward Spiral

The much-awaited Fed rate hike has finally been announced, and as predicted, it delivered a significant hit to the larger cryptocurrency market on September 21. 75 bps were added to the Fed’s policy rate, bringing it to a level of 3 – 3.25%. The ensuing rises constitute the central bank’s swiftest change in policy since the 1980s, and this statistic shows a significant rise from March of 2022 when the

Read More »
In a separate move, an impartial third party was already established to investigate the finances of Celsius.

Wrapped Assets to be Issued by Celsius to Compensate Users

According to a newly released voice memo, Celsius Network execs are considering repaying clients by issuing freshly wrapped assets to exchange on other networks. The co-founder and CEO of Celsius, Nuke Goldstein, seems to go into greater detail about the company’s plan to reimburse Earn consumers in the tape that Tiffany Fong published. The earlier leaked meeting audio is attributed to Celsius’s client and public person Fong. The Block claims

Read More »

My Coins

$ 19,084.680.27%
$ 1,331.370.2%
$ 1.000.03%
usd-coinUSD Coin
$ 1.000.02%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

[email protected]

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: [email protected]