Bank of Korea to test its central bank digital currency

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Bank of Korea to test its central bank digital currency
Bank of Korea to test its central bank digital currency

The central bank digital currency regional closed tests will resemble the current local currency program

For testing its central bank digital currency (CBDC) in a “private target CBDC test bed,” the Bank of Korea has identified Jeju, Busan, and Incheon as potential sites. While collaborating with franchises that can accept CBDC payments, the bank will choose one of these regions for public testing of payments and distribution.

Functioning as a basic income and relief payment solution in parts of South Korea during the COVID-19 pandemic, the central bank digital currency regional closed tests will resemble the current local currency program. Compared to the envisioned CBDC, all three locations have existing local currency schemes with fewer “technical barriers.”

For the pilot program, Jeju’s large population contributed to its selection. As potential alternatives to CBDCs for efficiency purposes, stablecoins are being explored by numerous South Korean banks.

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