Key Takeaways:
- South Korea’s 7-Eleven stores now accept central bank digital currency (CBDC) payments with a 10% discount during a nationwide pilot program.
- The CBDC trial includes 100,000 participants and various retailers, enabling conversion of bank deposits into tokenized Korean won.
- Originally planned for late 2024, the pilot was moved up and runs from April 1 to June 30, aiming to prototype a future-oriented monetary system.
South Korea has launched a central bank digital currency (CBDC) pilot program, now active at 7-Eleven stores nationwide from April 1 to June 30, 2025.
Customers using the CBDC at 7-Eleven receive a 10% discount, as part of the retailer’s digital transformation strategy.
🇰🇷South Korea Trialing #CBDC with 100K Users & 7 Banks
— Efrat Fenigson (@efenigson) April 2, 2025
✔️The pilot started on April 1, ending on June 30 2025.
✔️Participants will be able to convert their bank deposits to tokens and use them for payments at selected merchants.
✔️7-Eleven stores, for example, will accept CBDC… pic.twitter.com/j9UjcPQGS5
The pilot, involving 100,000 selected participants, allows citizens aged 19 and older with accounts at participating banks to convert deposits into tokenized Korean won for everyday use.
The digital currency, unlike decentralized cryptocurrencies like Bitcoin, is issued and regulated by the government, ensuring secure and streamlined payments.
A spending cap of 5 million won (around $3,416) is in place for participants during the trial.
Announced by the Bank of Korea, in coordination with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), the trial also includes other retailers such as coffee shops, supermarkets, K-pop stores, and delivery services.
Originally scheduled for late 2024, the program was fast-tracked, reflecting its importance in developing a future-ready monetary infrastructure.
The initiative is seen as a key step in integrating CBDCs into daily commerce, offering insights into how a state-backed digital currency could function in a modern retail environment.
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