The Bank of Korea, the nation's central bank, said on Monday that it would begin developing its first cryptocurrency and will test launch it next year
MOSCOW (Pakistan Point News / Sputnik - 06th April, 2020) The Bank of Korea, the nation's central bank, said on Monday that it would begin developing its first cryptocurrency and will test launch it next year.
"To proactively respond to external and internal changes in the area of payment systems, the Bank of Korea intends to learn the necessary legislation and technology regarding the launch of the central bank's cryptocurrency and conduct a pilot launch and the testing of the central bank's cryptocurrency (2020-2021 years)," the bank said.
The pilot system will be launched In 2021. The tests will run in stages from January to December, the statement specified.
A research group tasked with developing the project was launched back in February. The group is exploring relevant legislation and forms of control over the future digital currency. Both South Korean and foreign experts will be involved in this work.
