Unlocking the Digital Won: Bank of Korea's Thrilling CBDC Pilot with 100,000 Citizens

2023/11/24 10:29

South Korea CBDC Plans

🚀 The Bank of Korea plans to invite 100,000 citizens to test its Central Bank Digital Currency (CBDC) starting Sept-Oct 2024. Participants can use CBDC for payments only, aiming to evaluate feasibility. https://t.co/QwxkokD0fo
— SWFT Blockchain (@SwftCoin) November 23, 2023

The Bank of Korea (BOK), South Korea's central bank, has unveiled plans for Central Bank Digital Currency (CBDC) pilot.

Starting soon: Agustín Carstens & Bank of Korea Governor Chang Yong Rhee speak on #CBDCs and the Future Monetary System @bok_hub, livestreamed from 9:30 local time/1:30 CET https://t.co/bfnB0AbyUx pic.twitter.com/8myY6uiky8
— Bank for International Settlements (@BIS_org) November 23, 2023

Bank of International Settlement (BIS) General Manager Agustin Carstens at a forum hosted by the Bank of Korea (BOK) at its headquarters in central Seoul on Thursday:

"Korea needs to build a digital infrastructure, including regulatory frameworks, as it steps toward central bank digital currency (CBDC) projects. The key here is to guarantee that all the digital asset networks are interconnected and interoperable,"

Approximately 100,000 Korean citizens will participate in the trial, scheduled to commence between September and October 2024, with a duration of three months.

During this pilot, participants will exclusively use CBDC for payments, with no provisions for storage, exchange, or peer-to-peer transfers.

The aim is to assess the practicality and efficacy of CBDC issuance and distribution.

The Bank of Korea will collaborate with the Korea Exchange to integrate the digital currency into a simulation system for carbon emissions trading.

This initiative seeks to evaluate the feasibility of delivery versus payment transactions in the context of carbon credits.

The official statement from BOK revealed,

"The pilot project will be conducted first in the fourth quarter of 2024. The possibility of conducting separate pilots will be considered as well if banks propose new individual projects."

Digital Korean Won

During a meeting with BOK Governor Rhee Chang-yong on the same day, Carstens referred to the project as the "digital Won."

The CBDC pilot, announced by the BOK in October, encompasses both retail and wholesale CBDCs and involves participation from private banks and public institutions.

The Bank for International Settlements (BIS) is offering technical expertise and support for the initiative, further solidifying its position as a player in global CBDC adoption.

Notably, the BIS is actively involved in various CBDC projects worldwide.

It is aiding the Swiss National Bank in developing a wholesale CBDC and collaborating on a joint platform with the central monetary authorities of China, Hong Kong, Thailand, and the United Arab Emirates.

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Unlocking the Digital Won: Bank of Korea's Thrilling CBDC Pilot with 100,000 Citizens

South Korea CBDC Plans

Digital Korean Won

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