The Bank of Korea (BOK) is preparing to launch a pilot program for a central bank digital currency (CBDC) in collaboration with the Financial Services Commission (FSC) and Financial Supervisory Service (FSS).
This program will involve 100,000 citizens and is expected to launch next year. BOK Governor Rhee Chang-yong and Agustin Carstens, General Manager of the Bank for International Settlements (BIS), discussed the plans during a meeting today.
Carstens praised the BOK for their efforts in embracing a future monetary system and referred to the CBDC as a “digital won.”
This announcement follows the BOK’s plans in October to conduct wholesale CBDC experiments with the BIS and other institutions.
