South Korea to test a new digital currency for its citizens: All the details

South Korea plans a groundbreaking digital currency pilot program in late 2024, inviting 100,000 citizens to participate. The Bank of Korea (BOK) will issue a deposit token, a digital version of the Korean won, to selected participants. Commercial banks will choose participants in September 2024. The pilot program aims to assess the feasibility and effectiveness of a central bank digital currency (CBDC), evaluate its impact on the financial system, and explore its potential applications beyond payments. The findings will inform the BOK’s decision-making process regarding CBDCs in South Korea.