South Korea's Central Bank will launch a CBDC retail transaction pilot for 100,000 consumers

2025-03-11 14:59:00

DeepTech TechFlow news, on March 11, according to Cryptonews citing BusinessKorea reported that the Central Bank of Korea plans to cooperate with the Financial Services Commission and the Financial Supervisory Service to launch a practical transaction pilot involving 100,000 consumers of central bank digital currency (CBDC).

The pilot will involve seven major commercial banks, including National Bank, Shinhan Bank, Hana Bank, Woori Bank, Nonghyup Bank, Korea Industrial Bank, and Busan Bank. These banks will issue deposit tokens backed by CBDC for retail transactions at specific merchants, including 7-Eleven convenience stores, Kyobo Bookstore, and food delivery platform Ddaenggyeoyo.

Participants will use electronic wallets to generate QR codes for transactions, with a spending limit of 1 million South Korean Won (approximately 688 US dollars).

The pilot will test the effectiveness of deposit tokens supported by Digital Money in a retail environment, and the results will provide important reference for other economies exploring Digital Money worldwide.

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