The Bank of Korea plans to launch a digital currency pilot next year with 100,000 citizens participating

According to this website’s news on December 2, the day after Bank for International Settlements General Manager Agustín Carstens visited Seoul, the Bank of Korea (BOK) announced the details of the digital currency (CBDC) pilot plan, said 100,000 selected South Korean citizens will join the pilot in the fourth quarter of next year.

This site noticed that participants were able to use CBDC issued by commercial banks to purchase goods. The Bank of Korea, the Financial Services Commission and the Financial Supervisory Service plan to propose joint pilot tasks for banks participating in the test and separate separate tasks for each bank after consulting with relevant organizations and reviewing relevant laws.

The central bank said digital currencies could solve problems with existing voucher systems, such as those used during COVID-19 or the government childcare grant system.

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The Bank of Korea has been working on a CBDC pilot since 2020 and will complete it in 2021 and 2022 A two-stage pilot test of a retail CBDC was carried out.

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