Bank of Korea Governor Rhee Chang-yong has stated that South Korea will not issue its CBDC ahead of the U.S. and Europe.
The governor has admitted there are minimum benefits of becoming the leader in issuing central bank digital currencies.
South Korea has announced that it will be delaying the issuance of its Central Bank Digital Currency (CBDC). Bank of Korea Governor Rhee Chang-yong explained the bank’s intention, explaining that it had no desire to launch a CBDC ahead of the U.S. and Europe. However, the bank will be inviting 100,000 citizens to test the new technology in 2024. Still in testing, these users will be limited to using the CBDC only for payment, without an option to store, exchange, or send it to other users.
A majority of developed countries are looking to launch a CBDC. European countries and the U.S. are in different stages in the development of their digital currencies. While many would presume that South Korea would look to get ahead of the curve and launch its

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