Bank AI

<div class="cryptonews">
 <p class="is-style-lead">As per the Bank of Korea, <a rel="noopener noreferrer nofollow" title="citizens" href="https://thebittimes.com/tag/citizens.html">citizens</a> will only be able to use digital won to buy selected goods.</p>
 <p>South Korea is gearing up to launch its first <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a> of a central bank digital currency (CBDC) with 100,000 <a rel="noopener noreferrer nofollow" title="citizens" href="https://thebittimes.com/tag/citizens.html">citizens</a> in late 2024, the South China Morning Post reports.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a>, which is a joint effort of the Bank of Korea, Financial Services Commission and Financial Supervisory Service, will allow selected <a rel="noopener noreferrer nofollow" title="citizens" href="https://thebittimes.com/tag/citizens.html">citizens</a> to buy goods with digital won for three months. However, participants of the <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a> won’t be able to use CBDC solely for its designated payment purposes, the report notes. Other payments, including personal remittance, will not be permitted either.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> South Korean exchanges double market share in 2023
 </div>
 <p>With the pilot, the South Korean authorities want to evaluate the feasibility and effectiveness of CBDC. To do this, the central bank will collaborate with the Korea Exchange, the country’s sole securities exchange operator, to integrate the CBDC into a simulation system for carbon emissions trading. This will include testing the feasibility of delivery versus payment transactions between carbon emissions rights and the payment tokens.</p>
 <p>As crypto.news earlier reported, South Korea is actively seeking a way to replace crypto with its own controlled digital solutions as Koreans are “widely known for their active involvement in crypto trading,” the Bank of Korea said at the time. Furthermore, there exists an active interest and significant investment in the field of blockchain technology from both large scale enterprises and start-ups, the regulator added.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> South Korea’s Democratic Party requires parliamentary candidates to reveal crypto holdings
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/south-korea-to-pilot-cbdc-with-100k-citizens-in-late-2024-tbt71451.html">https://thebittimes.com/south-korea-to-pilot-cbdc-with-100k-citizens-in-late-2024-tbt71451.html</a></p>

South Korea to pilot CBDC with 100k citizens in late 2024

TheBitTimes

Other articles published on Nov 24, 2023

Bitcoin (BTC) Price Reaches New 2023 High. Key Reasons Why

Impressive Rise of Chainlink (LINK) on Binance: Will the Rally Continue?

Bitcoin and Ethereum Options Worth $6.5 Billion Expired: What’s Next?

GAS Price Surges 14%; Is Upmove in Gas Crypto Price Sustainable?

THORChain Price Plunge More Than 4% In 24 hours

Victory Securities Become Hong Kong’s First Virtual Asset Retail Broker

Join our free newsletter for daily crypto updates!