Share this article
South Korea’s Central Bank to Choose Supplier for Digital Currency Pilot
The Bank of Korea is looking for a technology supplier to explore a digital currency in a test environment.
Updated Sep 14, 2021, 12:59 p.m. Published May 24, 2021, 9:06 a.m.
South Korea’s central bank took another step toward developing a central bank digital currency (CBDC) with plans to build a pilot platform, according to a report.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The Bank of Korea (BOK) said it intends to select a technology supplier through an open bidding process to research the practicalities of a CBDC, Reuters reported Monday.
- The test will run from August to December and involve simulations of banks and retailers, and include mobile-phone payments, funds transfers and deposits.
- BOK’s research into the issuance of a CBDC was published in February, and determined that it could be treated as fiat currency, not a crypto asset, and could therefore be exchanged freely with cash.
- In March, Seoul-based Shinhan Bank said it had built a blockchain-based pilot platform for a potential South Korean CBDC, which would involve intermediaries such as Shinhan to distribute the digital won to consumers.
- Central banks of numerous major economies have announced intentions to research and develop CBDCs in recent months. China is leading the way, with a digital yuan being rolled out to consumers following trials in late 2020.
See also: Card-Based Digital Yuan Wallet Manufacturer to Use Fingerprint ID Tech
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
Top Stories
