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The Bank of Korea will conduct real transaction tests of Central Bank Digital Money next month.
On March 24, the Central Bank of South Korea announced today that as part of the launch of wholesale comprehensive testing for Central Bank Digital Currency (CBDC), the bank will test the use of digital tokens converted from bank deposits for payments in both online and offline malls. The testing will start on April 1, with up to 100,000 consumers participating, including seven major banks such as KB Kookmin Bank, Shinhan Bank, and Hana Bank. During this period, consumers will be able to use deposit tokens to purchase goods and services at various online and offline stores, including 7-11 convenience stores, Kyobo Bookstore branches, EDIYA Coffee shops, and Hyundai Home Shopping website. The maximum value of the digital tokens that consumers can use will be set at 5 million KRW (approximately 3,400 USD), and the testing will continue until the end of June. ( Jin10 )