South Korea Tests Digital Currency Payments in Local Supermarkets
The Bank of Korea is set to launch a CBDC trial in December, allowing 100,000 participants to use digital tokens for payments at supermarkets and convenience stores.
In this pilot, commercial banks will convert wholesale CBDCs into deposit tokens for consumer use. Functioning like vouchers at select retail outlets. The trial aims to test whether CBDCs can streamline. Or replace current banking transactions and settlements.
Retail partnerships and involvement in the global Project Agora initiative underscore the broader impact of South Korea’s push toward a digital economy.
Clever Robot News Desk 23th September 2024
