<![CDATA[<figure class="image"><img src="https://cimg.co/news/125992/332680/adobestock-602935146-edit.jpeg" alt="A sign reading &ldquo;Bank of Korea&rdquo; on a high-rise building in Seoul, South Korea." srcset="https://cimg.co/news/125992/332680/responsive-images/adobestock-602935146-edit___media_library_original_1500_1000.jpeg 1500w, https://cimg.co/news/125992/332680/responsive-images/adobestock-602935146-edit___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/125992/332680/responsive-images/adobestock-602935146-edit___media_library_original_900_600.jpeg 900w, https://cimg.co/news/125992/332680/responsive-images/adobestock-602935146-edit___media_library_original_720_480.jpeg 720w, https://cimg.co/news/125992/332680/responsive-images/adobestock-602935146-edit___media_library_original_600_400.jpeg 600w, https://cimg.co/news/125992/332680/responsive-images/adobestock-602935146-edit___media_library_original_300_200.jpeg 300w" width="1500" class="content-img"><figcaption>Source: Tupungato/Adobe</figcaption></figure>The <a href="https://cryptonews.com/tags/south-korea">South Korean</a> central bank has set a date for its &ldquo;real-world&rdquo; <a href="https://cryptonews.com/tags/CBDC">CBDC</a> pilot, with the first citizens slated to use the coin in the fourth quarter of FY2024.Per the broadcaster <a href="https://news.kbs.co.kr/news/pc/view/view.do?ncd=7785905">KBS</a>, the Bank of Korea (BOK) will team up with the country&rsquo;s top financial regulators &ndash; the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) &ndash; for the next stage of its CBDC development.The BOK said that the &ldquo;real-world&rdquo; pilot would see &ldquo;members of the general public&rdquo; making transactions with the retail version of the coin.In the meantime, the bank wants to run tests on a wholesale CBDC prototype.Wholesale (or institutional) CBDC models focus on central bank-issued tokens that are deigned for use in the financial and banking sectors.Such a coin would be chiefly used in the South Korean inter-bank settlements space.Retail CBDCs, on the other hand, are used as a substitute for cash and debit cards in the payments space.For its wholesale CBDC trials, the BOK will partner with domestic banks, who will tokenize inter-bank transactions using the central bank&rsquo;s platforms.The Bank for International Settlements (BIS), a <a href="https://cryptonews.com/news/bis-claims-cbdc-interoperability-victory-while-us-congressman-bids-block-digital-usd.htm">keen CBDC interoperability proponent</a>, will provide technical assistance.<figure class="image"><img src="https://cimg.co/news/125992/332682/cbdc1.jpg" alt="A Korean-language diagram intended to show how the South Korean wholesale CBDC will work." srcset="https://cimg.co/news/125992/332682/responsive-images/cbdc1___media_library_original_458_299.jpg 458w, https://cimg.co/news/125992/332682/responsive-images/cbdc1___media_library_original_300_196.jpg 300w" width="458" class="content-img"><figcaption>A diagram intended to show how the South Korean wholesale CBDC will work. (Source: BOK/FSC/FSS)</figcaption></figure><h2 id="how-close-is-bank-of-korea-to-issuing-a-cbdc">How Close Is Bank of Korea to Issuing a CBDC?</h2>The BOK&rsquo;s official stance remains non-committal.In its digital won-related literature, it claims that it &ldquo;has not yet decided whether or not&rdquo; it will &ldquo;issue a CBDC.&rdquo;And the BOK once again claimed it was yet to decide if it would seek to release a digital won.The bank said:<blockquote>&ldquo;This pilot is part of a process of exploring the optimal CBDC design model suitable for South Korea&rsquo;s financial and economic situation. [&hellip;] This pilot does not mean we intend to pursue the full-scale introduction of a CBDC.&rdquo;</blockquote>The bank and its regulatory partners said they will &ldquo;disclose further details,&rdquo; including the names of the banks that &ldquo;will participate in this experiment,&rdquo; at the end of November.
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South Korean Central Bank Sets ‘Real-World’ CBDC Pilot Date

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