Test participants will have access to payments, money transfers and deposits on mobile devices using the national digital currency (CBDC)
The Bank of Korea will launch the digital won testing phase this August, reports Reuters .
The performance check of the national digital currency (CBDC) will be carried out until December 2021.
The regulator is now looking for a technical partner to launch the digital won. Test participants will have access to payments, money transfers and deposits on mobile devices using the national digital currency.
In early April, the Bank of Japan began testing its own national digital currency .
A total of three stages of testing the digital yen are planned. The first stage will test the effectiveness of using the coin as a means of payment.
The second phase is aimed at a more detailed study of CBDC, and during the third phase, private enterprises and ordinary users will have access to digital currency.
China is the closest to issuing its own national digital currency. Employees of the largest Chinese retailer JD.com can already receive salaries in digital yuan.