The Bank of Korea has successfully completed the first phase of its Central Bank Digital Currency (CBDC) mock tests launched in August 2021.
South Korea’s central bank said that the first phase of its mock CBDC test was completed in December, while the second phase is currently underway, YNA news reported. The first phase of the mock test included some of the basic functions of the sovereign digital currency, such as distribution and issuance.
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The second phase of the central bank’s digital currency pilot will test real-world functionalities such as cross-border remittances, retail payments and offline payments. The bank stated:
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