South Korea’s central financial institution is shifting ahead with its nationwide digital foreign money plans because it now seems for a expertise provider to design a pilot platform for the digital received.

The Financial institution of Korea introduced that it launched a bidding course of to decide on a tech accomplice for finding out the practicalities of launching a central financial institution digital foreign money in a check surroundings, Reuters reported Monday.

The BoK mentioned that the most recent transfer is available in response to quick modifications within the world monetary system, stating, “The share of money transactions is lowering considerably. The steps we’re taking now are to arrange for the modifications within the fee settlement system, altering quickly.”

In line with the report, the BoK’s pilot CBDC platform will comprise simulations of business banks and shops, check funds by way of cell phones, fund transfers, and deposits. The pilot program is scheduled to run from August to December 2021 and will doubtlessly be prolonged into subsequent 12 months.

The Financial institution of Korea published a CBDC-related book in February, saying plans to check the distribution of a digital received and outlining the authorized challenges related to a state digital foreign money. 

In March, main South Korean business financial institution Shinhan Financial institution developed a blockchain-based pilot platform for a CBDC in partnership with LG Company’s IT companies arm, LG CNS. The financial institution reportedly mentioned it was keen to collaborate with the BoK on growing a nationwide digital foreign money.