Core Summary
The Bank of Korea announced on July 20 that it will launch live CBDC transactions with nine domestic commercial banks in September. This plan marks the transition of Korea’s CBDC project from the experimental phase to actual application, making South Korea one of the most advanced countries in Asia in the CBDC space.
Event Details
According to CoinDesk, the BOK stated the live test will cover multiple scenarios including retail payments, cross-border transfers, and smart contract execution. The nine participating banks include Korea’s largest commercial banks, and the test will last at least six months.
The BOK governor said the CBDC launch will improve payment system efficiency, reduce transaction costs, and provide broader space for financial innovation, while ensuring CBDC coexists harmoniously with existing cash and bank deposits.
Editor: GoodInfo Global News Team