- Bank of Korea to test CBDC “Hangang” for everyday transactions in April.
- Seven banks will issue deposit tokens for use at supermarkets and online stores.
- Trial aims to assess CBDC’s efficiency in reducing transaction fees and intermediaries.
The Bank of Korea (BOK) will soon begin a three-month trial program for its central bank digital currency (CBDC), dubbed “Hangang.” Scheduled to start in April, this test aims to figure out if a CBDC can actually work for everyday transactions.
The trial will run until June and will include 100,000 everyday consumers along with seven major commercial banks. The focus of the project will be on using the CBDC for common purchases at places like supermarkets, online shopping sites, and convenience stores.
The BOK has teamed up with seven key banks for this test: KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NH Nonghyup Bank, IBK Industrial Bank of Korea, and BNK Busan Bank. These banks will issue what are called deposit tokens to a select group of participants, who can then use these tokens to pay at various stores, including popular chains like 7-Eleven and Kyobo Book Centre.
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