The Bank of Korea (BOK) declared on October 7 that it will convey its CBDC, the advanced won, to people in general in 2021 as a major aspect of its 22-month pilot test, as per The Korea Herald. This is the last period of the pilot preliminary stage, after the primary plan and conceptualization stage finished in July. Right now, the second period of exploration and examination is continuous.
With the third stage, the bank will investigate genuine utilization of the computerized won subsequent to conveying and coursing it. The BOK plans to record exchanges with blockchain innovation. Notwithstanding, it actually is not yet clear if the bank will really dispatch an advanced won for use in South Korea as it recently expressed that this 22-month practice is just a preliminary and there are at present no designs to dispatch a CBDC.
A six-man group involving lawyers, scholastics and a bank delegate has been framed to examine and dissect the legitimate repercussions of dispatching the advanced won. Reported back in June, the bank is doing this all-encompassing preliminary venture to prepared itself for a CBDC dispatch should the open door emerge later on.
In Asia, the BOK is the uttermost along CBDC advancement after China and Cambodia. China specifically as of late delivered its discoveries from the first round of tests for its computerized yuan, of which crossed four urban areas and brought about 6,700 use cases. It is expecting to extend preliminaries to different urban communities and areas in the nation, and means to utilize the computerized yuan in the Beijing Winter Olympics in 2022.