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South Korea’s central bank says it plans to conduct first transactions with its digital currency in 2021.
Bank of Korea has already completed the design of the project and further intends to focus on testing in real conditions. Tests should help determine if the digital won system is functioning normally..
During the pilot launch, the Central Bank will be responsible for issuing and redeeming the CBDC, while private financial institutions will be involved in its distribution. When necessary, the adjustment of operations will be carried out using the blockchain.
Testing the digital won will be seen as the actual circulation of cash, according to the Bank of Korea representatives. However, a pilot launch does not guarantee the national level of CBDC..
text: Ivan Malichenko, photo: Shutterstock