South Korea’s Central Bank Starts Technical Phase for Digital Currency Ahead of 2021 Pilot

The Bank of Korea is seeking a partner to help develop the architecture for a potential central bank digital currency.

AccessTimeIconAug 31, 2020 at 1:21 p.m. UTC
Updated Sep 14, 2021 at 9:50 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Bank of Korea is moving to a more technical phase of its accelerated push to develop a central bank digital currency, or CBDC.

  • The Korea Times reported Monday that the Bank of Korea (BoK) is now seeking a consulting partnership to bring the second phase of its CBDC plan to fruition.
  • Once through the application process, the successful local company would assist the central bank in building the architecture for the CBDC, which is being prepared in the face of China's drive to be the first major nation to launch a digital version of its fiat currency.
  • China's "DC/EP" digital yuan system is now in testing at banks and commercial enterprises in a number of regions.
  • The first review phase of the BoK's work on a CBDC was completed last month, per the report, and the findings will feed the next stage of the work.
  • The architecture would set out aspects of the planned system such as security, how data is handled and possible applications.
  • The Times said a pilot is planned for late 2021.
  • "The BOK will team up with a consulting partner to map out the overall work process and architecture to operate the digital currency system," a BoK official was quoted as saying.
  • They would also arrive at "specific action plans" to deliver the pilot in time, they added.
  • Will the development has been hastened this year, the central bank doesn't plan to launch a CBDC soon, but is rather preparing the ground for a time when other national currencies go digital.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.