TechFlow news, on March 11, according to Cryptonews citing BusinessKorea, the Bank of Korea plans to collaborate with the Financial Services Commission and the Financial Supervisory Service to launch a real transaction pilot program for a central bank digital currency (CBDC) involving 100,000 consumers.
The pilot will involve seven major commercial banks: KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NH Nonghyup Bank, Korea Development Bank, and Busan Bank. These banks will issue deposit tokens backed by CBDCs for retail transactions at designated merchants, including 7-Eleven convenience stores, Kyobo Book Centre, and food delivery platform Ddaenggyeoyo.
Participants will use digital wallets to generate QR codes for transactions, with a spending limit of 1 million South Korean won (approximately USD 688).
This pilot aims to test the effectiveness of CBDC-backed deposit tokens in retail environments.
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