Central bank moves to develop pilot digital currency

SEOUL: South Korea’s central bank yesterday said it will choose a technology supplier to build a pilot platform for a digital currency, moving a step closer to creating a central bank-backed digital currency.

The Bank of Korea (BoK) said it is seeking a partner through an open bidding process to research the practicalities of launching a central bank digital currency (CBDC) in a test environment – the first such exploratory step in Asia’s fourth largest economy.