IBK Embarks on CBDC Real-World Testing in November

IconCryptoNewsTerminal Staff18 Jul, 2024

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IBK Embarks on CBDC Real-World Testing in November

The Industrial Bank of Korea (IBK) is set to commence real-world testing of its central bank digital currency (CBDC) in November. This extensive trial will involve up to 100,000 ordinary citizens and will run for approximately five months, concluding in March 2025. IBK has already initiated the selection process for companies to develop the CBDC real-world testing system, with a budget of 757 million won allocated for its development. Additionally, the bank plans to create a "user e-wallet app" for storing deposit tokens and a "merchant app" to facilitate digital currency acceptance during the testing phase. This real-world testing is a significant step forward in South Korea's exploration of CBDCs. The findings gathered during this trial will provide valuable insights into the practical implementation and user adoption of digital currencies issued by central banks.

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