PANews reported on December 21 that, according to Decenter, the Bank of Korea recently sent a formal document to major banks regarding the second round of CBDC PANews reported on December 21 that, according to Decenter, the Bank of Korea recently sent a formal document to major banks regarding the second round of CBDC
The Bank of Korea plans to launch its second round of CBDC testing.
PANews reported on December 21 that, according to Decenter, the Bank of Korea recently sent a formal document to major banks regarding the second round of CBDC testing. A Bank of Korea official stated that details, including specific methods and timelines, are currently under discussion.
The second round of testing is considering distributing some government subsidies in the form of digital currency. The aim is to use a CBDC to limit the use of subsidies and reduce the administrative and management costs associated with subsidy distribution. The Bank of Korea previously launched a three-month CBDC pilot program in April with seven participating banks, but subsequently suspended the project. At the time, the pilot program was criticized for its limited practical value and the billions of won in costs it imposed on participating banks.
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