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 <p class="is-style-lead">The Bank of Korea (BOK), is launching a <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a> project in collaboration with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to explore the implementation of a central bank digital currency (CBDC).</p>
 <p>The primary objective of this pilot is to assess the practical aspects of a wholesale CBDC network in cooperation with commercial banks and the public.</p>
 <figure class="wp-block-image size-large"><picture decoding="async" class="wp-image-14200555">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/10/04/a77b3f4fc6ea65fc785723e90ed5cf66.webp.webp">
   <img decoding="async" width="1024" height="694" src="https://cdn.thebittimes.com/images/2023/10/04/a77b3f4fc6ea65fc785723e90ed5cf66.webp" alt="South Korea to pilot wholesale CBDC with commercial banks - 1"> 
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  <figcaption class="wp-element-caption">
   CBDC transfer mechanism between <a rel="noopener noreferrer nofollow" title="banks" href="https://thebittimes.com/tag/banks.html">banks</a> | Source: The Bank of Korea
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 </figure>
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 <p>The central bank won’t introduce a retail CBDC to avoid bank disintermediation. Instead, they’ll research the currency’s technology, while the government looks for innovative ways to get people interested in cryptocurrencies.</p>
 <blockquote class="wp-block-quote">
  <p>“Koreans are widely known for their active involvement in crypto trading. Furthermore, there exists an active interest and significant investment in the field of blockchain technology from both large scale enterprises and start-ups.”</p>
  <p>The Bank of Korea</p>
 </blockquote>
 <p>With <a rel="noopener noreferrer nofollow" title="wholesale" href="https://thebittimes.com/tag/wholesale.html">wholesale</a> CBDCs, the regulator seeks new ways to “enhance payment system efficiency.” As part of the <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a>, the BOK will also establish a working group to reduce legal uncertainty.</p>
 <p>Although the public is said to have the opportunity to test CBDCs by the end of 2024, the BOK did not provide a timetable for the <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a>.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/south-korea-to-pilot-wholesale-cbdc-with-commercial-banks-tbt65096.html">https://thebittimes.com/south-korea-to-pilot-wholesale-cbdc-with-commercial-banks-tbt65096.html</a></p>

South Korea to pilot wholesale CBDC with commercial banks

TheBitTimes

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