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The Bank of Korea (BOK) has announced plans to launch a pilot program for a central bank digital currency (CBDC) involving 100,000 citizens in the fourth quarter of 2024. The pilot aims to test the feasibility and effectiveness of issuing and distributing a CBDC. Participants will be able to use the CBDC for payment purposes only and will not be able to store, exchange, or send it to other users. The pilot program will be a joint effort between the BOK, the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS). In addition to testing the CBDC’s feasibility, the BOK will collaborate with the Korea Exchange to integrate the CBDC into a simulation system for carbon emission trading. The BOK has also named three regions, Jeju, Busan, and Incheon, as potential sites for the CBDC pilot, with Jeju having the highest chance of being selected.