For the CBDC Pilot, Three More Cities are Candidates Besides Seoul

The CBDC pilot in South Korea continues to move forward, with three prospective test areas for the digital currency’s issuance and distribution in mind.

For the CBDC Pilot, Three More Cities are Candidates Besides Seoul

The Bank of Korea officially announced on July 31 that it has selected Jeju, Busan, and Incheon as its candidates for the private target CBDC test bed. Moreover, according to the source, the bank eventually intends to decide on one of the aforementioned regions and experiment with payments and distribution to the general public, as well as acquire franchises that may take CBDC payments.

The CBDC electronic wallet app will allow not only local residents but also many civilians, such as tourists to (partake).

An Official At The Bank

The issuance and distribution of the present local currency program now in existence in several parts of South Korea will be comparable to the regional closed tests of the CBDC, according to the Bank of Korea.

Candidate Regions Have Their Own Local Currencies

The local currency program was implemented as a basic income and relief payment alternative during the COVID-19 pandemic. Incheon e-Eum, Tamranjeon, and Dongbaekjeon are the respective names of the local currencies now issued and used in the three regions that have been suggested as potential candidates for the pilot program.

According to a commercial bank official in Korea, Busan’s population is so large that the Bank of Korea is burdened in many ways, and Jeju, which has the second-largest population, was chosen because it was “greatly inclined” to Busan because of this. Comparing the local currency plan to CBDCs, the local report claims that there are fewer technical barriers to get past.