The Bank of Korea will launch a CBDC retail transaction pilot involving 100000 consumers

According to a report by Golden Finance, the Bank of Korea plans to collaborate with the Financial Services Commission and the Financial Supervisory Service to launch an actual trading pilot for Central Bank Digital Currency (CBDC) involving 100000 consumers. The pilot program will involve seven major commercial banks, including National Bank, Shinhan Bank, Hana Bank, Uli Bank, Agricultural Cooperative Bank, Korea Industrial Bank, and Busan Bank. These banks will issue deposit tokens supported by CBDC for retail transactions at specific merchants, including 7-Eleven convenience stores, Jiaobao Wenku, and food 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 US dollars).