South Korea is launching a pilot project to utilize CBDCs for education and welfare vouchers.
The Ministry of Science and ICT, FSC, and the Bank of Korea have signed an MOU.
The project addresses the current voucher system limitations like high transaction fees, slow processes & fraud risks.
South Korea is launching a CBDC pilot project with plans to use central bank digital currencies for education and welfare vouchers. This initiative is a collaboration between the Ministry of Science and ICT, the Financial Services Commission (FSC), and the Bank of Korea.
The project partners signed a memorandum of understanding (MOU) to assess the feasibility of CBDC-based deposit tokens as vouchers for education, culture, and welfare. The project will address limitations of the current voucher system, such as high transaction fees, slow processes, and fraud risks. With the CBDC project, the government aims to create a more convenient and secure system.
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Currently, government vouchers require citizens to use physical cards or paper coupons. This new initiative will move away from…
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