Today the Korea Times reported that 100,000 individuals will participate in large scale pilots of tokenized deposits later this year, citing sources. However, it said the deposit tokens will be “akin to using vouchers”, consistent with previously announced plans. A year ago the Bank of Korea announced plans for a wholesale central bank digital currency (wCBDC) to support the interbank settlement of tokenized deposits from banks. It subsequently said there would be trials involving up to 100,000 people starting in September or October this year.
In June, two government institutions announced funding for a voucher project being developed by the central bank where the deposit tokens can be used for welfare, culture, education and other services.
However, today’s report states the vouchers in the pilot will be used to buy goods at convenience stores.
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