The Bank of Korea's CBDC pilot project has come under scrutiny for its lack of independent security verification, according to reports from Maeil Business. During the first phase of the pilot, financial authorities relied solely on participating banks to conduct pre-launch security reviews, without any independent oversight. The Financial Supervisory Service's materials reveal that only self-assessments of IT vulnerabilities were performed by the banks, in collaboration with the Financial Security Institute and SK Shields.
Critics have raised concerns about the security of deposit tokens, pointing out that the central bank's reliance on self-assessment does not equate to independent third-party verification. The Bank of Korea acknowledged these concerns in its pilot results report but maintained that the pre-review process was adequate.
Bank of Korea's CBDC Pilot Faces Criticism Over Security Verification
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