South Korea Launches CBDC Pilot Program with 7-Eleven Participation
South Korea has initiated a nationwide test for its Central Bank Digital Currency (CBDC), involving selected businesses and consumers, including 7-Eleven, Inc. The trial commenced on April 1 and will continue until June 30, focusing on transaction speed, security, and customer feedback.
7-Eleven CBDC Payments
- Customers using CBDC at 7-Eleven receive a 10% discount on purchases during the pilot.
- The initiative aims to encourage participation and gather insights on the new payment system.
- Moon Dae-woo from 7-Eleven emphasizes the importance of digital payments for future retail convenience.
Additionally, the CBDC trial includes other businesses such as coffee shops, supermarkets, and online delivery platforms, providing diverse data on CBDC usage. The South Korean government seeks to identify potential challenges in digital currency implementation.
Support for Nationwide Trial
- The CBDC test is supported by major financial institutions: the Bank of Korea, the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS).
- The Bank of England plans to launch the Digital Pound Lab later this year for CBDC testing.
- Proponents argue that CBDCs offer better transparency and security compared to traditional fiat currencies.