The Bank of Korea (BOK) has announced that 100,000 South Korean citizens will begin using a Central Bank Digital Currency (CBDC) next year. The digital won, called the CBDC, will be tested in the fourth quarter of the next financial year. The BOK will ask partner banks to find suitable customers for its first digital KRW test group. The bank has not yet officially decided whether to issue a CBDC but has accelerated the project due to China's digital yuan pilot. The bank wants members of the general public to join the trial, with applications accepted from September to October 2024, limited to a maximum of 100,000 participants. The BOK will focus on issuing CBDC digital vouchers in the payments sector, such as childcare vouchers. Commercial banks will distribute the vouchers to approved customers as the BOK focuses on CBDC usability. The bank will not authorize real-world peer-to-peer payments between individuals, except for testing purposes. The bank will work with financial regulators and consult with related organizations to review laws prior to the pilot. Legislation has already been unveiled to distinguish CBDCs from cryptoassets in South Korea.
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