- As countries around the world explore the potential launch of central bank digital currencies , there are a variety of pilot projects currently underway that are designed to explore the many use cases of digital money across a variety of industries.
“The CBDC usability test is conducted to check ways to build future infrastructure that will stably support the digital transformation of the economy, and cooperation with the Korea Exchange is meaningful in that it is the first step in this effort,” said Bank of Korea Governor Rhee Chang-yong. Although the Bank of Korea thinks the issuance of a CBDC is not “immediately necessary,” they think that there is a good reason for the country and its citizens to be ready should a digital currency be issued in the future.
Some of the reasons cited for these preparations are “a persistent decline in the usage of cash; rising concerns about the market strength and data concentration of big tech; and passable local adoption of global stablecoins,” they said.