The Bank of Korea will launch a CBDC retail transaction pilot involving 100,000 consumers
Online reports that the Bank of Korea plans to cooperate with the Financial Services Commission and the Financial Supervisory Services Authority to launch a pilot program involving 100,000 consumers for actual transactions of Central Bank Digital Currency (CBDC). The pilot will involve seven major commercial banks, including Mok Bank, Shinhan Bank, Asiana Bank, Woori Bank, Agricultural Cooperative Bank, Korea Industrial Bank and Busan Bank. These banks will issue CBDC-backed deposit tokens for retail transactions at specific merchants, including 7-Eleven convenience store, education insurance library and delivery platform Ddaenggyeoyo. Participants will use e-wallets to generate QR codes for transactions, with an expenditure limit of 1 million won (approximately US$688).
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