Bank of Korea to conduct CBDC simulations involving at least 10 banks

The Bank of Korea will be conducting its retail central bank digital currency (CBDC) simulations involving at least ten commercial banks, including Shinhan Bank and NH Nonghyup Bank.

Examining user payments and remittances as part of testing with commercial banks will help to confirm interoperability between the CBDC and the financial institutions' IT systems.

BK just finished the first and second stages of its simulations of retail central bank digital currency (CBDC) and

It has been about a year since the Bank of Korea chose Ground X, the organization that created the Klaytn public permissioned blockchain, as its CBDC vendor. Klaytn and the permissioned CBDC blockchain are both based on Ethereum technology.

After finishing its investigation later this year, the central bank intends to release a report on the digital won.