100,000 South Korean citizens will test CBDC by 2024

This article is machine translated
Show original

The Bank of Korea (BOK), in collaboration with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), has announced a unique pilot program, expected to invite 100,000 Koreans to participate. to use CBDC next year, Korea Times reported on November 23.

According to the plan, 100,000 selected people will have the opportunity to test shopping with CBDC, similar to using vouchers at stores. Commercial banks will select participants, starting from September to October next year, maintaining the project for three months.

BOK pointed out that CBDC can solve many problems, such as special subsidies during the COVID-19 epidemic, problems related to financial transactions such as high transaction fees and settlement processes. slow. However, the use of CBDC will be limited to specified payment purposes.

In addition, to evaluate the feasibility and effectiveness of CBDC, BOK will cooperate with the Korea Exchange to integrate CBDC into the carbon emissions trading simulation system. This pilot project is expected to begin in the fourth quarter of 2024, following consultations and XEM of relevant legislation.

Agustin Carstens, General Director of the Bank for International Settlements, appreciated BOK's efforts in approaching the future monetary system. The meeting between Carstens and BOK Governor Rhee Chang-yong marked an important step in the development of this project.

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Add to Favorites