PANews|Jul 21, 2026 03:49
[South Korea's Central Bank Digital Currency Pilot Criticized for Lack of Independent External Security Verification]
According to South Korean media Maeil Business, data from the Financial Supervisory Service of South Korea reveals that during the first phase of the CBDC pilot project led by the Bank of Korea, financial authorities did not conduct any independent security verification, relying solely on pre-launch security reviews conducted by participating banks themselves. Prior to the project's launch, only IT vulnerability self-assessments were carried out by the participating banks, jointly executed by the Financial Security Institute, SK Shields, Woori Bank, NongHyup Bank, and their respective self-inspection teams, forming an evaluation model of "self-checking by the regulated entities." In the pilot results report, the central bank acknowledged external concerns regarding the security of deposit tokens and responded by stating that pre-launch reviews were sufficient. However, critics pointed out that this explanation constitutes self-assessment rather than independent third-party verification.
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