7-Eleven in South Korea joins the central bank's digital currency (CBDC) trial, leading as the first retail participant in this initiative.
Testing Digital Currency in South Korea
From April 1 to June 30, multiple stores in South Korea are partaking in the central bank's digital currency trial. 7-Eleven is the only store participating in the Bank of Korea's 'Hangang Project'. During the testing period, customers receive a 10% discount on purchases made with CBDC. Moon Dae-woo from South Korea stated that the company aims to enhance its digital transformation by participating in this project.
Participant and User Engagement
In November 2023, the Bank of Korea announced a digital currency test for 100,000 users. Participants can use their CBDCs at various locations, including cafes and groceries. Partner banks like KB and Koomin are part of this project, providing the ability to convert deposits into tokens. These tokens remain equivalent in value to the Korean won.
Growth of Crypto Activity in South Korea
South Korea is actively integrating cryptocurrencies, with over 16.29 million users on major exchanges and rapid adoption growth. Recent reports indicate one-third of the population has invested in Bitcoin and other digital assets. South Korea is set to launch a pilot program in 2025, allowing thousands of businesses to utilize cryptocurrencies for trading and financial uses.
7-Eleven's participation in the digital currency trial marks a significant step in South Korea's CBDC development amid global interest in crypto products and technologies.
