BOK Seeks Consulting Partnership to Advance CBDC Work

BOK is looking to partner with a local company to establish the system architecture for a CBDC to initiate a pilot test by end-2021.

BOK (Bank of Korea) is seeking assistance from the private sector through a consulting partnership to accelerate its efforts to establish a CBDC (central bank digital currency) pilot system.

Following its first-phase review completed in July, BOK said the next step is to partner with a local company to establish a CBDC system architecture based on the first-phase research results. The architecture would set out details such as applications, data management and security.

“The BOK will team up with a consulting partner to map out the overall work process and architecture to operate the digital currency system, and both sides will also come up with specific action plans to successfully establish the pilot system on time,” said a BOK official cited by Korea Times.

Companies interested in partnering up for the project can submit an application form to BOK.

The CBDC pilot test is expected to begin by end-2021.