“Central bank of South Korea has claimed to enter the second phase of testing after a successful first phase.”
According to a report published today, the Central Bank of Korea, they have finished the first phase of testing the CBDC (Central Bank Digital Currency) simulation project in December 2021.
In the first phase, the basic functioning of CBDC was tested. These functions included manufacturing, issuing, and distribution of digital currency in a simulation environment. The report said that basic functions were working normally under test conditions.
The report also stated that “after the successful completion of the first phase, the central bank is looking to explore other functionalities such as offline payments and adding personal information protection enhancement technologies for implementation”.
The bank has also agreed that there is a requirement for more tests to be conducted to be fully assured of working of CBDC, in the real environment.
The second phase is expected to be completed in June of this year. After the second phase, a comprehensive evaluation of the project will be done by the bank.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
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