South Korea's central bank will conduct real transaction tests on central bank digital currency next month
On March 24th, the Bank of Korea stated today that as part of the launch of the Central Bank Digital Currency (CBDC) wholesale comprehensive test, the bank will conduct payment use tests for digital tokens converted from bank deposits in online and offline markets. The test will start on April 1st, with up to 100,000 consumers and 7 major banks including the Bank of Korea, Shinhan Bank, and KEB Hana Bank participating. During the period, consumers will be able to use deposit tokens to purchase goods and services at multiple online and offline stores, including 7-11 convenience stores, Kyobo Bookstore branches, EDIYA coffee shops, and the Hyundai Home Shopping website. The maximum value of digital tokens that consumers can use will be set at 5 million Korean won (approximately $3,400), and the test will continue until the end of June.
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