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The Bank of Korea (BoK) is launching a significant three-month CBDC pilot program called “Digital Test Project Hangang,” involving seven banks and 100,000 participants. This real-world trial, beginning in April, aims to assess the potential of a Digital Won CBDC to revolutionize South Korea’s fintech landscape. Participants will be able to convert their bank deposits into the CBDC for testing transactions. The large-scale initiative is crucial for evaluating blockchain technology’s role in the financial sector and understanding the impact of a digital currency on the existing financial ecosystem. The BoK views this as a vital step in determining if the Digital Won can effectively reshape the future of fintech in South Korea.
