BOK successfully completes 1st phase of mock test of digital currency
SEOUL, Jan. 24 (Yonhap) -- The Bank of Korea (BOK) said Monday it has successfully completed its first phase of a two-step mock test of the feasibility of a central bank digital currency (CBDC) as it is reviewing whether to introduce the potential new form of money.
The BOK launched the first phase in August last year and completed the experiment in December, in which the central bank said a CBDC showed normal operations in a cloud-based environment.
"We will confirm the possibility of operating various functions, such as offline settlements, and the application of new technologies, such as one intended to strengthen privacy protection during the second phase of the test," the BOK said in a press release.
The second phase of the test will be carried out until June 22, the BOK said.
Global central banks have been speeding up their research on digital currencies to brace for a fall in demand for cash and the emergence of cryptocurrencies in the private sector.
Central banks in some Latin American countries and African countries have started to issue CBDCs.
China has been pushing to issue a CBDC this year, possibly making itself the first major economy using the new form of currency, while the U.S. Federal Reserve reportedly launched a review of its potential benefits.
kokobj@yna.co.kr
(END)
-
N. Korea's Kim holds talks with Russian defense minister on strengthening military cooperation: state media
-
Late wife of Australian veteran of Korean War laid to rest in Busan
-
Remains of another Korean War soldier identified
-
(LEAD) Fighter jet crashes in Seosan; pilot makes emergency escape
-
Fighter jet crashes in Seosan; pilot makes emergency escape
-
Late wife of Australian veteran of Korean War laid to rest in Busan
-
24 teachers caught illegally selling exam questions to private educators
-
Remains of another Korean War soldier identified
-
(LEAD) Fighter jet crashes in Seosan; pilot makes emergency escape
-
Fighter jet crashes in Seosan; pilot makes emergency escape
-
Arrest warrant hearing for DP leader Lee to be held Tuesday
-
(LEAD) U.S. to ensure S. Korean chipmakers' smooth operation regarding China curbs: deputy secretary
-
Top court upholds life sentence for woman over drowning death of husband for insurance money
-
(3rd LD) National Assembly passes arrest motion against opposition leader
-
(2nd LD) N. Korea holds politburo meeting to discuss Kim-Putin summit: KCNA