The Bank of Korea will collaborate with the Financial Services Commission and the Financial Supervisory Service to launch a CBDC retail transaction pilot

2025-03-11 22:46:47

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ChainCatcher news, 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 pilot program involving actual transactions of central bank digital currency (CBDC) with 100,000 consumers.

The pilot will involve seven major commercial banks, including Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NongHyup Bank, Industrial Bank of Korea, 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 the delivery platform Ddaenggyeoyo.

Participants will use electronic wallets to generate QR codes for transactions, with a spending limit of 1 million won (approximately 688 USD).

This pilot will test the effectiveness of CBDC-backed deposit tokens in a retail environment, and its results will provide important references for other economies exploring digital currencies globally.

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Bank of Korea CBDC

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