Despite all the discussions and criticisms around the world, the popularity of digital currencies has not declined. South Korea is continuing to launch a new digital currency to make it easier for citizens to use. To this end, the country will launch a digital currency pilot before the end of 2024. News Times of India.

The Bank of Korea (BOK) reportedly plans to launch a central bank digital currency (CBDC) pilot program in collaboration with the country’s Financial Services Commission (FSC) and Financial Supervisory Service (FSS). Around 100,000 citizens are invited to participate in the project and use the CBDC.

BEOK officials said that after consultation with relevant departments and review of relevant laws, the pilot project will be implemented in the fourth quarter of 2024. If the Bank proposes new individual projects, the possibility of conducting individual pilots will be reviewed.

The new project is called "Digital One." Selected participants of the program will receive deposit tokens. Participants can use this digital currency to purchase goods and services.