Bank of Korea to start CBDC trial in August
Central bank opts for two-tier model for retail digital currency
The Bank of Korea (BoK) will start a 10-month test of a digital won in August, the central bank said on May 24.
The BoK will select a private company as service provider via bidding to conduct the test, it said in a tender notice on Monday. The budget for the test is 4.96 billion won ($4.44 million).
The test will examine the functionality of central bank digital currency (CBDC) in a virtual environment. The BoK will then decide whether to introduce the digital won for broader use.
The BoK is
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