Source: Cointelegraph Original: "{title}"
7-Eleven stores in South Korea will accept CBDC payments during the national central bank digital currency (CBDC) testing phase, which will last until June. As a participating retailer in the project, 7-Eleven will offer a 10% discount on all goods purchased with CBDC.
According to Moon Dae-woo, head of the digital innovation department at 7-Eleven, the company is working to integrate digital technological advancements into its operations.
The executive also stated that the company's participation in the CBDC test will help accelerate its digital transformation.
Many stores will participate in South Korea's CBDC testing phase, which runs from April 1 to June 30. The project also includes 100,000 participants who will have the opportunity to test CBDC payments issued by the central bank.
Central bank digital currency (CBDC) is a digital asset issued by government agencies. Similar to other digital assets, CBDC offers faster and more modern payment functionalities. However, unlike Bitcoin and other privacy-focused tokens that provide a certain degree of anonymity, CBDC is controlled and monitored by the government.
The South Korean CBDC test will take place from April to June.
On March 24, the Bank of Korea, Financial Services Commission (FSC), and Financial Supervisory Service (FSS) announced the CBDC testing plan.
During the testing period, participants can convert their bank deposits into tokens stored on a distributed ledger. These tokens have the same value as the Korean won.
Government agencies stated that citizens aged 19 and above with a deposit account at a participating bank can apply to join the test. The number of registrants is limited to 100,000. Banks participating in the CBDC test include KB, Koomin, Shinhan, Hana, Woori, NongHyup, IBK, and Busan Bank.
In addition to 7-Eleven, participants can also use CBDC at coffee shops, supermarkets, K-Pop merchandise stores, and delivery platforms. However, during the testing period, users' total conversion limit is 5 million won (approximately $3,416).
The Bank of Korea announced its retail CBDC test for 100,000 users as early as November 2023, initially planned to start in the fourth quarter of 2024. The FSS stated that the country's CBDC test is an important step towards building a "future monetary system" prototype.
Related: Research shows Bitcoin sales hit a historic high of $109,000, far below the cycle peak.
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