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.
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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.
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