Bank of Korea to begin CBDC test for 100,000 consumers: report

The Central Bank of South Korea is expected to launch a real transaction test for its Central Bank digital currency this month, involving 100,000 consumers and seven banks.

South Korea should start the real tests of his CBDC In March, with 100,000 consumers using deposit tokens issued by seven banks, per local media. According to reports, the trial will include major financial institutions such as KB Kookmin, Shinhan and Hana Bank.

The pilot, which would be carried out in a collaboration between the Bank of Korea, the Financial Services Committee and the Financial Supervisory Service, will see seven banks emitting deposit tokens based on CBDC, which consumers can use to make payments at Merchants such as 7-Eleven, Kyobo Book Center and Delivery App Ddaengyo. The test should take place for about three months. However, a spokesperson for the Korean Bank admitted that it was always possible that the pilot was pushed to April “because he requires cooperation with several institutions”.

Participants can request deposit tokens with a limit of 1 million won (around $ 688) and will use QR codes for transactions.

South Korea has been working on a large -scale CBDC pilot for some time, but the calendar has continued to change. Crypto.News first reported About the pilot in November 2023 and November 2024. In 2024, the South Korea Financial Services Committee said that the pilot would also include a platform for managing good digital people allowing the government to distribute and follow the right ones. However, the FSC did not specify a calendar for the project.

Like crypto.News earlier reportedSouth Korea is actively looking for a way to replace the crypto with its own controlled digital solutions because Koreans are “widely known for their active involvement in Crypto trade”, said the Korean Bank at the time. In addition, there is an active interest and significant investments in the field of blockchain technology of large-scale companies and start-ups, added the regulator.