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South Korea Central Bank to Accelerate Plans for CBDC Usability Testing
The Central Bank of Korea has decided to speed up its Central Bank Digital Currency (CBDC) project and launch a pilot test of the digital KRW this year. According to reports, 100,000 citizens will participate in the pilot test. According to the South Korean Central Bank, the aim is to begin testing usability and deposits as it continues developing its CBDC.
South Korea to Test CBDC by Programming Deposit Tokens
A local report has stated increasing interest in the Korean CBDC, especially about how the digital KRW will affect financial firms operating in South Korea. Sometime in the fourth quarter of 2024, the Bank of Korea will begin distributing deposit and e-money tokens to up to 100,000 citizens who will participate in the pilot. The bank hopes to test the project’s functionality among ordinary citizens to properly determine utility. Part of the test is to program the digital KRW. The
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