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South Korea preps 100,000 person-strong CBDC pilot
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finextra.comThe three month pilot, set for the fourth quarter of 2024, is being run by the Bank of Korea, Financial Services Commission, and Financial Supervisory Service.
Participants will be able to make purchasers with deposit tokens issued by commercial banks in the form of CBDC, says the Korea Times.
The Bank of Korea argues that a CBDC could help tackle the high transaction fees and slow settlement processes associated with government voucher systems for things like childcare payments.
The Korea Exchange will also be involved, integrating the digital currency into a simulation system for carbon emissions trading, says the Korea Times.
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