Bank of Korea to Launch CBDC Pilot Program Soon The Bank of Korea recently announced its plan to conduct a pilot program for Central Bank Digital Currency (CBDC) in the near future. This move comes as many central banks around the world are exploring the potential benefits of issuing digital currencies.
CBDC refers to a digital version of a country's fiat currency that is backed and regulated by the central bank. It is designed to function as a secure and efficient alternative to cash, allowing for faster and more cost-effective transactions. Moreover, CBDC carries the potential to enhance financial inclusion by providing access to banking services for unbanked populations.
The Bank of Korea believes that the CBDC pilot program will facilitate a better understanding of the technology and its implications. It will involve testing various aspects of CBDC, including its issuance, distribution, and transaction processes. The pilot program will also assess the impact of CBDC on financial stability, monetary pol