South Korea's central bank, the Bank of Korea (BOK), will conduct a trial allowing participants to use digital tokens for payments at supermarkets and convenience stores. The trial is part of a larger central bank digital currency (CBDC) project, in collaboration with six major commercial banks. Starting in December, 100,000 participants will be able to use deposit tokens, similar to vouchers, for purchases at select retail outlets. The aim is to assess whether CBDCs can improve or replace the current process of banks using their deposits at the central bank for transactions. The BOK is also involved in Project Agora, a global initiative exploring tokenization of cross-border payments.
- Content Editor ( news.bitcoin.com )
- 2024-09-22
Bank of Korea to Launch CBDC Payment Trial in Supermarkets