Korea plans to pilot a central bank digital currency prototype involving 100,000 citizens in the fourth quarter of next year.

The Bank of Korea (BoK), Financial Services Commission and Financial Supervisory Services will jointly operate the pilot, Korea Times reported on November 23.

Under the pilot project, 100,000 selected individuals will be able to buy goods at stores with tokenised deposits issued by commercial banks in the form of a CBDC.

The likely locations for the pilot are Jeju