The project, headed by the Bank of Korea, commenced last month and will run for 22 months. Within this period, technical and legal issues surrounding the project will be experimented and scrutinized to help fine-tune the country’s Central Bank Digital Currency (CBDC) operations.
The Bank of Korea interestingly has no plans to release a national digital currency anytime soon. It believes that there is currently no need, because of a few factors including the current continued demand for cash.
KB Kookmin, South Korea’s largest bank, recently launched a crypto custody service.