{"id":88152,"date":"2023-11-24T00:26:49","date_gmt":"2023-11-24T05:26:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/100000-south-koreans-will-start-using-cbdc-next-year\/"},"modified":"2023-11-24T00:26:51","modified_gmt":"2023-11-24T05:26:51","slug":"100000-south-koreans-will-start-using-cbdc-next-year","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=88152","title":{"rendered":"100,000 South Koreans Will Start Using CBDC Next Year"},"content":{"rendered":"<div>\n<figure id=\"attachment_135970\" aria-describedby=\"caption-attachment-135970\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-135970\" class=\"wp-caption-text\">Source: tktktk\/Adobe<\/figcaption><\/figure>\n<p>The Bank of Korea (BOK) has announced that 100,000 South Korean citizens will start making \u201creal-world\u201d CBDC transactions next year.<\/p>\n<p>The central bank said that the digital won will be tested in the \u201cfourth quarter of the next financial year.\u201d<\/p>\n<p>Per the media outlet Newsway, the BOK will ask partner banks to find suitable customers for its first digital KRW test group.<\/p>\n<p>The BOK is still yet to officially decide whether it wants to issue a CBDC.<\/p>\n<p>But the bank has fast-tracked the project, in part due to the rapid progress of China\u2019s digital yuan pilot.<\/p>\n<p>The bank has previously insisted that South Korean lawmakers must have the final say on whether it can issue a CBDC.<\/p>\n<p>But the bank said it wants members of the \u201cgeneral public\u201d to join the trial, and the media outlet wrote:<\/p>\n<blockquote>\n<p>\u201cApplications will be accepted via [BOK partner] banks from September to October 2024. The number of participants will be limited to a maximum of 100,000.\u201d<\/p>\n<\/blockquote>\n<figure id=\"attachment_135971\" aria-describedby=\"caption-attachment-135971\" style=\"width: 640px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-135971\" class=\"wp-caption-text\">The headquarters of the Bank of Korea, in central Seoul, South Korea. (Source: Otraff [CC BY-SA 3.0])<\/figcaption><\/figure>\n<h2>South Korea: The Next Nation to Begin CBDC Pilots?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The BOK says that it will initially focus on the issuance of CBDC \u201cdigital vouchers\u201d in the payments sphere.<\/p>\n<p>These could include, for instance, CBDC-powered childcare vouchers that can be redeemed at daycare centers.<\/p>\n<p>Commercial banks will distribute the vouchers to approved customers, as the BOK focuses on \u201cCBDC usability\u201d-related matters.<\/p>\n<p>And the bank said that it will not seek to authorize \u201creal-world\u201d P2P-type payments between individuals \u201cother than for testing purposes.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\uddf0\ud83c\uddf7 South Korean Traders Drive Recent Crypto Surge as Exchanges\u2019 Market Share Jumps to 13%<\/p>\n<p>Traders in Asia, especially in South Korea, have emerged as key drivers behind the recent rally in the crypto market over the past two months.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Korea?src=hash&amp;ref_src=twsrc%5Etfw\">#Korea<\/a>https:\/\/t.co\/4LTjDCiruy<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1725093192012374071?ref_src=twsrc%5Etfw\">November 16, 2023<\/a><\/p>\n<\/blockquote>\n<p>The BOK added that partner banks, merchants, and service providers would continue to operate in a regulatory \u201csandbox.\u201d<\/p>\n<p>The bank said it would work with the country\u2019s two top financial regulators on the project: the Financial Services Commission and the Financial Supervisory Service.<\/p>\n<p>The bank promised to \u201cconsult\u201d with \u201crelated organizations\u201d to \u201creview related laws\u201d prior to the pilot.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\uddf0\ud83c\uddf7 South Korea Joins Global Community for Crypto Asset Reporting Framework Push<\/p>\n<p>South Korea has joined a group of 48 nations, promoting an international framework for <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw\">#cryptocurrency<\/a> reporting.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/news?src=hash&amp;ref_src=twsrc%5Etfw\">#news<\/a> https:\/\/t.co\/CIJtkP8wJK<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1722918381718794294?ref_src=twsrc%5Etfw\">November 10, 2023<\/a><\/p>\n<\/blockquote>\n<p>In April, lawmakers unveiled legislation that will create a legal distinction between CBDCs and cryptoassets.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/100000-south-koreans-will-start-using-cbdc-next-year.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: tktktk\/Adobe The Bank of Korea (BOK) has announced that 100,000 South Korean citizens will start making \u201creal-world\u201d CBDC transactions next year. The central bank said that the digital won will be tested in the \u201cfourth quarter of the next financial year.\u201d Per the media outlet Newsway, the BOK will ask partner banks to find [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":88153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-88152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>100,000 South Koreans Will Start Using CBDC Next Year | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: tktktk\/Adobe The Bank of Korea (BOK) has announced that 100,000 South Korean citizens will start making \u201creal-world\u201d CBDC transactions next year.\" \/>\n<meta name=\"robots\" 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