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The Bank of Korea ( BOK ) wind out details on its pilot program for its retail central bank digital currency ( CBDC ) , stating that 100,000 select Korean citizens will join the test in the fourth quartern of next class .
The participants will be able-bodied to grease one’s palms goods with tokens in the form of CBDC issued by commercial-grade coin bank . The cardinal bank say that a digital currency could resolve issues with existing voucher systems , which are particular governance Grant . The challenge include “ high dealings fees , complicated and slow processes , limited post - transaction check and concerns over deceitful claims . ”
The declaration came a day after AgustÍn Carstens , the general handler of the Bank of International Settlements , visitedSeoul .
Last month , South Korea ’s central bank outlinedits wholesale CBDC pilot planto support tokenized repository in commercial-grade bank and research new forms of fiscal product . This distinction between sweeping CBDC and retail CBDC is significant . Financial institution and interbank liquidation primarilyuse a wholesale CBDC , whereas individuals and stage business employ a retail CBDC for everyday proceedings .
The central savings bank is presently discuss selecting a city from the three potential metropolis nominee in South Korea — Jeju , Busan and Incheon — as a test layer for piloting the CBDC , per a local media report card released in August . Seoul , the majuscule of South Korea , is not include on the list .
South Korea ’s key bank , which has been bring on CBDC pilots since 2020 , complete two phase of archetype tests in 2021 and 2022 for its retail CBDC . It also ran simulation from July to November 2022 , along with Korea Financial Telecommunications & Clearings Institute ( KFTC ) and 14 commercial banks . The Korean key bank partner with a host of technology married person for the simulation project , including Samsung Electronics , Ground X ( a web3 subsidiary of Korea ’s tech house Kakao ) , ConsenSys , KPMG , Kakao Bank , Kakao Pay and more .
After the simulation , Samsungsigned a memorandum of understanding with the Bank of Koreathis May to conduct some research on digital currencies — these digital currentness could work with Samsung ’s Galaxy telephone set and watches . Samsung ’s offline CBDC technology , which use close - field communicating ( NFC ) , allow contactless payment between devices when both sender and recipient are unplug from the internet .
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Japan ’s central coin bank to pilot digital currentness starting in April
South Korea joinsa growing telephone number of area across the globethat have been ramping up the exploration of digital currency systems . Japanannounceditsplan for a CBDC pilot program in Aprilandstarted treatment with 60 firmsto develop a digital yen;Indialaunched its pilot for a retail digital currencyin December of last year . Hong Konglaunched the first bout of its pilot program for the e - HKD with 16 companiesin May . Most recently , strange banks , include HSBC , Hang Seng Bank , Taiwan ’s Fubon Bank and Standard Chartered , have joined China ’s buffer visitation for the e - CNY , according tomedia report card . Singapore also saidit will “ pilot the unrecorded issue of wholesale CBDCs to put up payments across commercial-grade banks ” next year .
China ’s digital Yuan dynasty tests leap forward in Shenzhen
India to pilot retail digital currentness on December 1
