South Korean Central Bank accelerate Plans for CBDC rollout

The Bank of Korea (BOK) plans to accelerate its Central Bank Digital Currency (CBDC) initiative. As reported by Newsway, the bank aims to conduct a pilot program involving 100,000 participants by the end of 2024. This program will assess the functionality of the digital Korean Won in terms of usability and deposit capabilities. The strategy involves the Bank of Korea (BOK) launching and circulating tokens similar to deposits and electronic money. This initiative is scheduled to begin in the last quarter of the year. The BOK plans to launch two types of digital currencies: Digital Currency I (deposit token) and Digital Currency II (money token). Specifically, the trial will concentrate on employing deposit tokens alongside digital vouchers.

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