The Bank of Korea announced on the 30th that it plans to carry out an external consulting project to build a CBDC (central bank digital currency) pilot system.

In order to first review the institutional and technical requirements related to CBDC, BOK has established and is promoting the “CBDC Research Promotion Plan” including the establishment and testing of the CBDC pilot system. Last month, the first stage goal of this plan, “CBDC-based work (design and requirement definition and implementation technology review)” was completed, and based on this, the second stage goal “CBDC work process analysis and external consulting” is being promoted. BOK is implementing the “CBDC Research Promotion Plan” in three stages.

(Source : Bank of Korea)

In this consulting project, the “CBDC business process and system architecture” will be designed based on the results of the first phase of research. This architecture is a system that structurally organizes the structure, operation method, and relationship between components of the computer system in terms of application, data management, implementation technology, and security. In addition, it is planning to prepare a detailed action plan for the “CBDC pilot system construction” project to be implemented in next year.

(Source : Bank of Korea)

BOK plans to release a request for proposal for the selection of this consulting business on the 31st. This bidding is made in limited competition, and the institution that wishes to bid that meets the qualification requirements required by BOK can submit the necessary documents including the proposal to the Bank of Korea. For more details, you can refer to the request for proposal for the ‘CBDC Pilot System Consulting’ published on the website of the Bank of Korea and Public Procurement Service.

번역: 김동우 기자