The Bank of Korea will invite 100,000 citizens to participate in CBDC pilot in 2024
On November 23, the Bank of Korea (BOK) announced that as part of a central bank digital currency (CBDC) pilot, it will invite 100,000 South Korean citizens to use deposit tokens to purchase goods. The test will begin in "September to October" 2024 and will last for three months.
Participants will only be able to use CBDC for payments and cannot choose to store, exchange, or send to other users. The goal of the pilot phase is to evaluate the feasibility and effectiveness of currency issuance and distribution.
The Bank of Korea will also collaborate with South Korean exchanges to integrate CBDC into a carbon emissions trading simulation system to test the feasibility of delivery and payment transactions.
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