South Korea Bank to start a CBDC test next month

South Korea (BOK) will launch a large -scale demo test for its central bank’s digital currency (CBDC), starting from April 1. The test aims to evaluate its use in daily transactions. As part of this initiative, the bank will conduct experiments using digital codes supported by bank deposits, allowing consumers to conduct payments online and in material stores.

CBDC test in South Korea

You will share up to 100,000 participants in the trial, which will continue until the end of June. Consumers will be able to use these digital codes to buy goods and services in a group of sites, including 7-Eleven stores, Kyobo library branches, Ediya Coffee Outlets, and Hyundai Home Shopping.

Participants can convert their banking deposits into digital symbols via seven -bank mobile applications, such as Kookmin Bank, Shinhan Bank and Hana Bank. Digital symbols will be crowned with a maximum of 5 million WNA (about 3400 dollars) for use during the test.

The project, called Project Hangang, is implemented, in cooperation with the Financial Services Committee (FSC), the financial supervision service (FSS), and other relevant authorities.

According to the BOK official, the documentary payment system is expected to help the distinctive code reduce transaction fees for partner stores while enhancing comfort for consumers.

After completing this use test, BOK plans to expand digital currency experiences, and explore conversion options from person to person and digital vouchers.

Also read: South Korea: Don’t consider Bitcoin in foreign exchange reserves

Written by Rito Lavania

Ritu Lavania is a multi -use Web3 content creator with more than three years experience in the encryption space. It is part of the team in Cryptonewsz, where you write insightful and attractive content. She also contributed to Thecryptotimes and Coin Edition, where her work was well received by the encryption community. Maher in research, creative writing, senior economic officials, and job cooperation, creating content specifically designed for a varied audience. Population of education, devotes time to teaching children and expressing themselves through poetry. It always yearns for learning, constantly exploring new trends in Blockchain origin and digital assets. It strongly believes in telling stories to make complex encryption themes easier and attractive to readers all over the world.