In 2023 the Bank of Korea announced plans for a trial that would combine tokenized deposits and a wholesale central bank digital currency (wCBDC). More recently the central bank confirmed the seven banks that will take part. Now Business Korea reported that the trial involving 100,000 consumers will run for three months, starting in early April.
From the consumer’s perspective, they won’t interact with the CBDC directly. Instead, they will use a tokenized deposit, a blockchain-based version of money issued by their bank. Payments will involve using a banking app to scan QR codes at checkout.
The online merchants taking part include Hyundai Home Shopping and Ddangyo, while mainstream merchants include 7-Eleven, Hanaro Mart, Kyobo Bookstore, Ediya Coffee, and Silla University.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
