South Korea plans a groundbreaking digital currency pilot program in late 2024, inviting 100,000 citizens to participate. The Bank of Korea (BOK) will issue a deposit token, a digital version of the Korean won, to selected participants. Commercial banks will choose participants in September 2024. The pilot program aims to assess the feasibility and effectiveness of a central bank digital currency (CBDC), evaluate its impact on the financial system, and explore its potential applications beyond payments. The findings will inform the BOK’s decision-making process regarding CBDCs in South Korea.
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South Korea to test a new digital currency for its citizens: All the details
South Korea plans a groundbreaking digital currency pilot program in late 2024, inviting 100,000 citizens to participate. The Bank of Korea (BOK) will issue a deposit token, a digital version of the Korean won, to selected participants. Commercial banks will choose participants in September 2024. The pilot program aims to assess the feasibility and effectiveness of a central bank digital currency (CBDC), evaluate its impact on the financial system, and explore its potential applications beyond payments. The findings will inform the BOK’s decision-making process regarding CBDCs in South Korea.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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