The Bank of Korea to Conduct Real-World Transactions Test of Central Bank Digital Currency Next Month

On March 24th, the Bank of Korea announced today that as part of the launch of a central bank digital currency (CBDC) wholesale pilot test, the bank will conduct payment use tests of digital tokens converted from bank deposits in both online and offline markets. The test is set to start on April 1st, with up to 100,000 consumers and 7 major banks participating, such as the Bank of Korea, Shinhan Bank, and KEB Hana Bank. During this period, consumers will be able to utilize deposit tokens to purchase goods and services at various online and offline stores, including 7-11 convenience stores, Kyobo Book Centre 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. (Jinse)