Bank of Korea Says First Phase of CBDC Test Completed Successfully

Bank of Korea Says First Phase of CBDC Test Completed Successfully
The Bank of Korea wrapped up the first phase of a central bank digital currency (CBDC) simulation project in December 2021, according to a report published on Monday.The first phase tested the basic functions of a CBDC including manufacturing, issuing and distribution in a simulation environment, the report said. It concluded that the CBDC “works normally” under test conditions.Based on the results of the first phase, the report said the South Korean central bank plans to explore implementing other functions such as offline payments and adding personal information protection enhancement technologies.In a separate statement, the bank said more experiments are…