The Bank of Korea plans to work with the Financial Services Commission and the Financial Supervisory Service to launch a real-world transaction pilot of a central bank digital currency (CBDC) involving 100,000 consumers.
The pilot will involve seven major commercial banks, including Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, Nongxie Bank, Korea Development Bank, and Busan Bank. The banks will issue CBDC-backed deposit tokens for retail transactions at select merchants, including 7-Eleven convenience stores, Kyobo Bunku, and food delivery platform Ddaenggyeoyo. Participants will use e-wallets to generate QR codes for transactions with a spending limit of 1 million won (about $688).
Bank of Korea to launch CBDC retail transaction pilot involving 100,000 consumers
2025-03-11 14:59:02
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