reportThe report also said the South Korea CBDC work plan showed that the approaching distribution test is the last phase of a three-step procedure. However, the BOK noted that the distribution test does not indicate the launch of a sovereign digital currency.
Also, in July, the BOK formed a CBDC panel that consists of six people. Notably, the board members are from different industries such as finance, commercial law, fintech, and IT.
Already, China has carried out over 3 million transactions using its digital yuan. The Chinese government has also executed progressive pilot tests in different parts of the country, including Shenzhen and Xiongan. In addition, China is planning to test its digital currency during the upcoming Winter Olympics in 2022.