South Korea calls for 100 1,000 citizens to test central bank's digital currency

 

South Korea calls

for 100 1,000 citizens to

test central bank's digital currency

The Bank of Korea

South Korea's central bank

announced a plan to invite 100 1,000 Korean citizens to

participate in a pilot programme for the practical use of

the central bank's digital currency (CBDC).

Testing will begin in September or October of 2024

and will last for three months.

According to a report published

by the Korea Times on November 23

Participants' use of

the Central Bank's digital currency will be determined to pay only

without the possibility of storing, exchanging or sending it to other users.

The pilot test aims to assess the feasibility

and effectiveness of issuing and distributing currency.

In addition

the Bank of Korea will collaborate

with the Korea Stock Exchange to integrate

the new digital currency into a simulated carbon emissions trading system

to test

the feasibility of deliveries against payment.

According to the Central Bank's statement published

by the newspaper:

The pilot project will be implemented in the fourth quarter of 2024

and the possibility of conducting separate trials will be studied

if new projects are introduced by banks.

During his visit to the capital

Seoul

Agustin Carstens

general manager of the Bank of International Settlements

(BIS)

referred to the Central Bank of Korea's digital currency project as a "digital win."

In another development

The Bank of Korea announced that it will begin the pilot issuance of

the Central Bank's digital currency (CBDC) in October.

The pilot program will include

the sale of cryptocurrencies to central banks retail

and wholesale

and will include private banks and public institutions.

The Bank for International Settlements

will provide specialized technical support to this programme.

The Bank of :

International Settlements (BIS)

is a global leader in the adoption of

central banks' cryptocurrencies (CBDC).

It supports the Swiss National Bank in developing

the Central Bank's wholesale digital currency, and helps

build a common platform with central monetary authorities in China

Hong Kong, Thailand and the United Arab Emirates.

It also develops

the concept of proof of transactions with the ECB

 as well as many other projects.