The logo of the Bank of Korea is seen on the top of its building in Seoul, South Korea, July 14, 2016. REUTERS/Kim Hong-Ji

South Korea’s central bank on Monday said it will choose a technology supplier to build a pilot platform for a digital currency, moving a step closer to creating a central bank-backed digital currency.

The Bank of Korea said it is seeking a partner through an open bidding process to research the practicalities of launching a central bank digital currency (CBDC) in a test environment – the first such exploratory step in Asia’s fourth largest economy.

The BOK’s efforts come as the spread of bitcoin and other cryptocurrencies has opened up the possibility that competitors of traditional cash could change how the financial sector operates. read more

Central banks from China to Britain and Sweden are looking at developing digital currencies to modernise their financial systems, ward off the threat from…

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