The Bank of Korea will start the pilot project of digital currency of the central bank next year, with 100000 citizens participating

Thanks to CTOnews.com netizen OC_Formula for the clue delivery! CTOnews.com, December 2, the second day after Agustine Carstens, general manager of the Bank for International Settlements, visited Seoul, the Bank of Korea (BOK) released details of the central bank's digital currency (CBDC) pilot program, saying that 100000 selected South Korean citizens would join the pilot in the fourth quarter of next year.

CTOnews.com notes that participants can buy goods using CBDC issued by commercial banks. The Bank of Korea, the Financial Committee and the Institute of Financial Supervision plan to propose joint pilot tasks for the banks participating in the test and separate tasks for each bank after consulting with relevant organizations and reviewing the relevant laws.

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

Tuyuan Pixabay the Bank of Korea has been working on a pilot CBDC since 2020 and completed two phases of pilot testing of retail CBDC in 2021 and 2022.