About 100,000 citizens of the country and large local banks KB Kookmin, Shinhan, Hana and Woori Bank want to participate in the pilot program.
Pilot participants will be able to convert their bank deposits into the digital currency of the Central Bank (CBDC), and then use CBDC to pay for purchases in local stores, cafes, supermarkets and online sites. Transactions will be carried out through a specialized mobile banking applications using a QR code, South Korean media write.
An experiment with CBDC should help study the possibilities of using tokenized deposits in everyday calculations, the authors of the project explained.
Earlier, the International Monetary Fund said that Namibia has no reason for the release of the central bank digital currency, and this African country is better to focus on the introduction of decisions for instant banking payments.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
