South Korea accelerates the second phase of the central bank's digital currency test to be completed on June 22

The Bank of Korea (Central Bank) announced that it has completed the first phase of the simulation test of the central bank's digital currency. The four major banks in South Korea and related companies are also actively taking action in line with the central bank's pace, striving to take the lead in the digital currency era.

According to previously disclosed information, the first stage of the Bank of Korea’s digital currency simulation test is from August 23 to December 22, 2021. The goal is to test the possibility of the technical realization of the central bank’s digital currency based on distributed ledger technology.

The second phase of the test runs from December 23, 2021 to June 22 this year. It aims to further verify the offline transaction functions such as settlement and transfer in an environment that is not connected to the network based on the results of the first phase, as well as the realization of digital More diverse functions such as property transactions and inter-country remittances.

After the second phase of the test, the Bank of Korea plans to upgrade the test simulation environment in a direction similar to that of real-life financial services by working with financial institutions, and expand the scope of test research and technical verification.