The launch of Central Bank Digital Currency (CBDC) has reached the second stage. A consulting partner has been revealed to help the Bank of Korea (BOK) develop the architecture for this CBDC project.

CBDC Phases and their working

The primary step of BOK to dispatch CBDC towards the conclusion of 2012 was to create the investigate establishment which was completed in July 2020. The moment organize bargains with setting up the framework engineering for the CBDC concurring to the inquire about comes about and concepts from stage 1.

A BOK official said with respect to the up and coming stage of CBDC that:

The BOK team is expected to collaborate with a consulting partner in order to chalk out the work procedure and architecture to run the digital currency system. This will enable both teams to come up with equally brilliant ideas on time.
The nominated company will aid BOK during this process to help in designing key features of the CBDC framework such as safety, data organization, etc.

Competition in CBDC system

The competition within the world is expanding within the field of CBDC infrastructure. Nearby South Korea, Japan and China are moreover up and coming with their possess CBDC system. In spite of the fact that they have over and over claimed that they are not in a rush to create CBDC system however their endeavors are demonstrating something else.

Japan has been detailed to work with a ten-member group to work on advanced money issues. It has been excitedly working to set up this system and its Liberal Democratic Party has as of now cautioned Japan that it would force a security risk on the off chance that China succeeds to begin with in accomplishing the mechanical measures for a CBDC.

China has moreover appeared advance towards making the world’s to begin with operational CBDC and this has impelled a bit of alert among its neighbors.

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