The central bank of South Korea is allegedly ready to start a real transaction test for its central bank Digital currency this month, including 100,000 consumers and seven banks.
South Korea is ready to start its CBDC’s real -world test in March, using the tokens released by seven banks with 100,000 consumers, per, per. local News outlet. According to reports, the test will include major financial institutions such as KB Kukmin, Shinhan and Hana Bank.
The pilot, which is cooperated between the Bank of Korea, Financial Services Commission and the Financial Supervisory Services, will be seen to pay seven banks issuing deposit tokens to seven banks based on CBDC, which can be used to pay traders such as consumers 7-Ilevan, Kyobo Book Center and delivery app. The test is expected to last about three months. However, a spokesman from the Bank of Korea admitted that there is still a possibility that the pilot would be pushed in April “as it needs cooperation with many institutions.”
Participants can apply for deposited tokens with a range of 1 million (approximately $ 688) and will use the QR code for transactions.
South Korea has been working on a large -scale CBDC pilot for some time, but the schedule has continued shifting. Crypto.news first told about the pilot in November 2023 and back in November 2024. In 2024, South Korea’s Financial Services Commission claimed that the pilot would also include a digital voucher management forum that allows the government to distribute and track the voucher. However, FSC did not specify a timeline for the project.
As Crypto.News had previously reported, South Korea is actively looking for a way to replace Crypto with its own controlled digital solutions because Koreans are widely known for their active participation in Crypto Trading, “said the Bank of Korea. In addition, there is an active interest and important investment in the field of blockchain technology from both large-scale enterprises and start-ups, the regulator said.
