The Bank of Korea Partners with LG CNS to Test the Usability of CBDC
The Bank of Korea and LG CNS announced on the 18th that they have signed a contract for the development of a system related to the Central Bank Digital Currency (CBDC) usability test.
The contract amount is approximately 9.68 billion KRW, and the contract period is 15 months.
An official from the Bank of Korea explained, "LG CNS will participate in the development of the basic platform and related systems for the CBDC real transaction test involving the general public in the fourth quarter of next year."
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Last month on the 23rd, the Bank of Korea, together with the Financial Services Commission and the Financial Supervisory Service, announced detailed plans for the CBDC usability test. The real transaction test to be conducted next year focuses on allowing the general public to directly experience the benefits of the new digital currency.
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