South Korean Central Bank Joins Central Bank Digital Currency Race

Joining the current list of countries to explore the benefits of CBDC is South Korea.

According to Reuters,the South Korean Central Bank is seeking a technology supplier to help build the first platform of a central bank digital currency.

The partner will be chosen through an open bidding process that will research about the CBDC benefits and practicalities in the economy.

The platform will contain simulations of commercial banks and retail outlets and will include trials for  mobile phones payments, fund transfer and deposits.

The move by the Bank of Korea to start the CBDC process comes at a time when digital assets such as bitcoin is gaining mass adoption due to its way of financial operation.

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