% 0.05
BTC Dominance:
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
$ 65.087
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

South Korea Central Bank Explores CBDC with Pilot Project and Digital Currency Launch

South Korea Cbdc

The bank launched by Newsway is aiming to carry out a pilot project with 100,000 people by the end of 2024. The program is going to be a diagnostic tool for the digital Korean Won features, the usability, and the deposit possibilities. South Korean Central Bank is planning to carry out CBDC’s utility experiment, which is already underway.

The Central Bank of South Korea is thinking about doing usability tests with CBDC

The Bank of Korea reported in October that it would collaborate with other government regulators, including the Financial Services Commission and the Financial Supervisory Service, to initiate immediate usability experiments with CBDC (Central Bank Digital Currency). Legislators have also devised a benchmark to distinguish cryptocurrencies like Bitcoin (BTC) from the CBDCs. The public roadmap announces the bank’s plan to release three “varieties” of tokens “rooted in institutional CBDC frameworks” (meaning they are based on the bank’s assets), including the establishment of a “pilot CBDC network” to test the cryptocurrency release.

The plan proposes that BOK issue and circulate electronic money, as well as depository functions, which are useful in this proposed digital currency. We decided to implement the program in the final quarter of this year.

BOK is going to introduce two kinds of digital cryptocurrencies

The BOK plans to launch two digital currencies: Digital Currency I, which I classify as a savings token, and Digital Currency II, my version of a money token. The live virtual experiment will allow a group of people, including 100,000 lucky ones, to try private digital currencies in real-time transactions and assess how easy it is to adopt them in business. The main goal of the trial is to demonstrate the ability to combine deposit tokens with digital tickets, making it the first of its kind. Using these vouchers demonstrates the crypto world’s strength by allowing for the exchange of specific items for specific purposes.

READ:  Qatar Central Bank Launches CBDC Pilot

Finally, a number of central banks have been working at various stages and rapidly to develop their digital currencies lately. Additionally, the CBDC Digital Dirham Pilot Integration is an example. The UAE Central Bank has achieved full integration with all commercial banks and payment processors in the country. According to the RBI, India-based non-bank operators will permit the CBDC to integrate with their digital wallets.




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