Bank of Korea to give 100,000 users access to CBDC in real-world pilot

Share This Post

The Bank of Korea (BOK) is gearing up to launch a pilot program involving 100,000 participants in early April to test its central bank digital currency (CBDC) in real-world transactions.

Project Hangang, a three-month initiative running through the end of June, involves seven South Korean banks, including KB Kookmin, Shinhan, Hana, Woori, NH NongHyup, BNK Busan Bank, and the Industrial Bank of Korea.

Participants will convert deposits from traditional bank accounts into deposit tokens, which can be used for daily purchases at selected merchants through banking apps that utilize QR code payments. Individual token holdings will be capped at 1 million won (~$690), with a cumulative value of 5 million won for the pilot duration.

Per Korea Times, participating merchants include 7-Eleven, Hanaro Mart, Kyobo Bookstore, and Ediya Coffee, alongside online platforms such as Hyundai Home Shopping. The initiative is structured to evaluate the viability of CBDCs in simplifying current payment and settlement systems, potentially reducing transaction fees by enabling real-time merchant settlements.

The BOK plans to publicly solicit participants for Project Hangang later this month. According to a BOK official cited by Korea Times, the pilot aims to minimize intermediary roles within transactions, thereby assessing the practical efficiencies of a CBDC model over traditional banking processes.

This real-world testing phase builds upon South Korea’s prior CBDC research initiatives and marks a significant step toward CBDC integration into daily economic activity. The pilot aligns with broader global efforts spearheaded by institutions like the Bank for International Settlements (BIS), projecting widespread adoption of CBDCs in both retail and wholesale capacities by 2030.

The experiment represents an escalation from theoretical modeling to practical application, situating South Korea among an expanding group of countries actively evaluating the viability of CBDCs for retail use.

The post Bank of Korea to give 100,000 users access to CBDC in real-world pilot appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Elon Musk Reveals Government Has ‘Magic Money Computers’ Printing Trillions out of Thin Air

As part of DOGE’s crusade to curb waste and fraud, Musk noted he found around 14 “magic money computers” that can print money out of thin air to make federal payments without any

Crypto firms aiming for banking licenses under Trump administration

Fintech and crypto firms are actively pursuing state and national banking licenses under President Donald Trump’s administration to gain regulatory approval that was previously slow to

Solana Faces Criticism—Removes Ad Following Backlash On Gender Identity

There is a lot of talk going on about Solana since a video promoting its upcoming Accelerate conference in New York came out The ad, which aired on March 17, was quickly taken down because it made

Mantle Price Prediction 2025, 2026 – 2030: Will MNT Price Hit $2 This Year?

The post Mantle Price Prediction 2025, 2026 – 2030: Will MNT Price Hit $2 This Year appeared first on Coinpedia Fintech News Story Highlights The live price of the Mantle crypto is MNT price

Ethereum Is Retesting A 5-Year Long Trendline – Massive Rally Incoming?

Ethereum is currently consolidating below the $2,000 mark, trading within a narrow range between $1,800 and $1,900 as market uncertainty persists Bulls have lost control, and speculation about a

Crypto․com Pushes Through 70 Billion CRO Re-Mint Despite Community Backlash

Cryptocom has greenlit the controversial re-minting of 70 billion CRO tokens, overriding widespread community opposition with a last-minute surge in validator votes controlled by the exchange