The Bank of Korea's digital currency pilot is accused of lacking external independent security verification

Comparative news. According to Korean media Maeil Business, data from the Korea Financial Supervisory Service shows that during the first phase of the CBDC pilot project led by the Bank of Korea, the financial authorities did not carry out any independent security verification; only participating banks carried out their own prior security reviews.

Prior to the launch of the project, only participating banks were self-assessed for IT vulnerabilities. The Financial Security Service, SK Shields, and the Woori Bank and Nonghyup Bank self-inspection teams jointly carried out the evaluation model of “supervised person self-inspection”. The central bank acknowledged questions about the safety of deposit tokens from the outside world in the pilot results report, and responded that the preliminary review was sufficient, but critics pointed out that the instructions were a self-assessment and not an independent third-party verification.