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South Korean Central Bank To Kick Off ‘Hangang’ CBDC Pilot With 100,000 Citizens in April The Bank of Korea is launching the "Hangang" CBDC pilot in April, allowing 100,000 citizens to convert bank deposits into tokenized assets for transactions. The program, running until June, involves seven major banks and aims to test distributed ledger technology for settlements. Participants can use mobile QR payments at various merchants, holding up to 1 million KRW in tokenized deposits. While the BOK is advancing its CBDC initiatives, it has ruled out holding Bitcoin as a foreign exchange reserve but remains open to monitoring global trends.
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1. Pilot Program Launch: The Bank of Korea (BOK) will launch the "Hangang" CBDC pilot in April, involving 100,000 citizens. 2. Duration: The program will run from April to June 2025. 3. Purpose: Test the feasibility of using distributed ledger technology for settlements instead of traditional banking systems. 4. Tokenized Deposits: Participants can convert bank deposits into tokenized assets for transactions. 5. Usage: Mobile banking apps with QR payments can be used at convenience stores, coffee shops, supermarkets, and online shops.
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6. Bank Collaboration: Seven major banks, including KB Kookmin, Shinhan, Hana, and Woori, are participating. 7. Deposit Limits: Users can hold up to 1 million KRW (~$689), with an option to increase to 5 million KRW. 8. Settlement Efficiency: Tokenized deposits may reduce the need for intermediaries, enabling real-time merchant settlements. 9. No Bitcoin Reserve: The BOK stated it will not include Bitcoin in its foreign exchange reserves due to IMF standards but will monitor global discussions on virtual asset reserves.
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