The Bank of Korea rolled out details on its pilot program for its retail central bank digital currency (CBDC), stating that 100k selected Korean citizens will join the trial in the fourth quarter of next year. The central bank said that a digital currency could solve issues with existing voucher systems, which are special government grants. The challenges include ‘high transaction fees, complicated and slow processes, limited post-transaction verifications and concerns over fraudulent claims.’
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South Korea to launch digital currency pilot with 100k residents next year
"South Korea joins a growing number of countries across the globe that have been ramping up the exploration of digital currency systems [including] Japan, India, [and] Hong Kong."
