The second phase of the Bank of Korea's digital currency trial is expected to be completed in June 2022

On January 27, in August 2021, the Bank of Korea announced the launch of the first phase of the central bank digital currency (CBDC) test. Six months later, the test was officially completed, focusing on the basic functions of digital currency such as issuance. Recently, the Bank of Korea announced the launch of the second phase of the test, focusing on some practical application functions of digital currency, such as cross-border remittance, retail payment and offline settlement. It is reported that the Bank of Korea will follow the practice of the People's Bank of China and invite financial institutions to jointly conduct the test. According to the plan, the second phase of testing will be completed in June 2022, after which the Bank of Korea may formulate a formal digital currency launch and commercialization plan. According to statistics from the Atlantic Council, a total of 91 countries around the world are currently developing sovereign digital currencies, of which 14 countries have entered the pilot stage.