South Korea’s Central Bank Set To Evaluate Digital Currency’s Viability Through Citizen Testing In 2024

The Bank of Korea (BOK) — South Korea’s central bank — As part of the innovative CBDC pilot, the selected participants will be granted the unique opportunity to utilize deposit tokens for the purchase of goods. The overarching objective of the pilot program is to rigorously assess the feasibility and effectiveness of the issuance and distribution of the CBDC. The Bank of Korea is strategically leveraging this real-world testing environment to gain invaluable insights into the practical applications and user dynamics of the digital currency. (Source: 2024)