South Korea's IBK Corporate Bank will start CBDC testing in November, expecting 100,000 people to participate

According to ChainCatcher, the field test of the central bank digital currency (CBDC) of South Korea's IBK Corporate Bank is expected to start in November, with up to 100,000 members of the public participating in the test. The test will last for about 5 months and is expected to end in March 2025.

IBK Corporate Bank has recently started vendor selection for the development of a CBDC real-transaction test system. The budget allocated for system development is 757 million won ($545,000).