The Bank of Korea will launch a CBDC retail transaction pilot for 100 thousand consumers.

According to TechFlow, on March 11, as reported by Cryptonews citing BusinessKorea, the Bank of Korea plans to launch a pilot program involving actual transactions of its central bank digital currency (CBDC) with 100 thousand consumers in collaboration with the Financial Services Commission and the Financial Supervisory Service.

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 the 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 Korean Won (approximately 688 USD).

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