🚀South Korea's Quantum Leap into Digital Finance: CBDC Pilot for 100,000 Citizens in 2024

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The Bank of Korea (BOK) is pioneering a digital future with a (Central Bank Digital Currency) CBDC pilot in collaboration with the Financial Services Commission (FSC) and Financial Supervisory Service (FSS). Set for Q4 2024, the initiative aims to revolutionize finance, addressing challenges and exploring digital transaction methods.

Pilot Program: 100,000 participants selected by commercial banks will use "deposit tokens" in CBDC form, similar to vouchers. A three-month trial for designated payments.

Participant Selection: Commercial banks recruit participants Sept-Oct, ensuring diverse representation.

Benefits Over Vouchers: CBDCs address issues in voucher systems, including high fees and fraud risk. Follows BOK's October CBDC experiments with (Bank for International Settlements) BIS.

Tech Experiments: BOK plans post-pilot tech experiments, integrating CBDC into carbon trading simulations.

South Korea's CBDC leap marks a significant move into the digital era, with global financial implications. Stay tuned for updates. #cbdc #digitalcurrency #financerevolution
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