📣 South Korea Set to Test CBDC

posted  23 Nov 2023
Photo - South Korea Set to Test CBDC
The Central Bank of South Korea is embarking on a significant trial of a Central Bank Digital Currency (CBDC), incorporating basic features. The research is designed to assess the practicality and effectiveness of introducing such a digital asset.

In a government-led pilot program, around 100,000 South Koreans will actively participate, utilizing the CBDC exclusively for purchases at select stores.

"Following consultations with relevant organizations and a review of related laws, the pilot project will be conducted first in the fourth quarter of 2024," stated a representative from the Central Bank of South Korea.

Officials are primarily focused on the digital currency's potential to streamline the distribution process of social benefits, scholarships, and dedicated grants, earmarked for specific purposes.