The Bank of Korea (BOK) said it will invite 100,000 South Korean citizens to use deposit tokens to purchase goods as part of a central bank digital currency (CBDC) pilot. Testing will begin "around September to October" in 2024 and last three months.
Participants will be limited to using CBDC for payments and will not have the option to store, exchange or send to other users. The goal of the pilot phase is to evaluate the feasibility and effectiveness of currency issuance and distribution.
The Bank of Korea will also work with the Korea Exchange to integrate CBDC into the carbon emissions trading simulation system to test the feasibility of delivery and payment transactions. (Korea Times)