South Korea Joins Central Bank Digital Currency (CBDC) Research 🚀 The Bank of Korea (BOK) will launch a pilot project exploring the technical infrastructure for a digital currency.
Basic moments:
- CBDC pilot project announced by BOK, FSC and FSS on October 4
- The project will assess the viability of a future monetary system based on "wholesale CBDCs"
- The pilot involves private banks and government agencies, supported by the Bank for International Settlements (BIS)
- BOK will test retail and wholesale types of CBDC
- Retail CBDC testing will begin after system setup in Q4 2024
Although the study does not guarantee implementation, FSS First Deputy Governor, Lee Myung-sun, called the pilot a step towards a future monetary system.
Basic moments:
- CBDC pilot project announced by BOK, FSC and FSS on October 4
- The project will assess the viability of a future monetary system based on "wholesale CBDCs"
- The pilot involves private banks and government agencies, supported by the Bank for International Settlements (BIS)
- BOK will test retail and wholesale types of CBDC
- Retail CBDC testing will begin after system setup in Q4 2024
Although the study does not guarantee implementation, FSS First Deputy Governor, Lee Myung-sun, called the pilot a step towards a future monetary system.