The Bank of Korea, in partnership with financial authorities and the Bank for International Settlements (BIS), is conducting a central bank digital currency (CBDC) usability test to lay the groundwork for a future currency infrastructure. This initiative coincides with the 10th anniversary of the Korean virtual asset industry and the Business Rights Act. The test, involving both the public and private sectors, will focus on "institutional CBDCs" for financial transactions, utilizing distributed ledger technology. The project aims to establish a new monetary infrastructure jointly managed by the Bank of Korea and financial authorities, with implementation planned by the end of the following year. Further information on participating banks will be disclosed in November, and public participation testing is set for the fourth quarter of the following year. Many countries, like the Bahamas and Nigeria, have already introduced CBDCs, while others, including China and the European Central Bank, are making progress toward their adoption. The United States, Japan, and the United Kingdom are also actively exploring CBDCs and institutional CBDCs in their research and development efforts.

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