South Korea joins a growing number of nations launching central bank digital currency (CBDC) pilot programs. The country’s central bank, the Bank of Korea (BOK), will launch the pilot project to explore the technical infrastructure for a CBDC.
The joint announcement of the CBDC pilot by the BOK, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) was published on Oct. 4. According to the announcement, the project will assess the viability of a future monetary system grounded on “wholesale CBDCs.“