Digital currency gets a much-needed boost in South Korea

 

The realization of the commercialization of digital currency gets a much-needed boost in South Korea.

According to reports, the Bank of Korea (BOK) is now exerting efforts to accelerate the development of a central bank digital currency, or CBDC.

BOK is now moving for a consulting partner to bring the second phase of its CBDC plan to fruition.

Based on the reports, if their application process is approved the  successful local company would assist the central bank in building the 

architecture for the CBDC, which is being prepared in the face of China's drive to be the first major nation to launch a digital version of its fiat currency.

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