7-Eleven stores in South Korea are participating in a pilot project testing the central bank digital currency (CBDC) until June 30. This is part of a broader test involving 100,000 people and several major banks.
CBDC Testing at 7-Eleven
The world's largest convenience store chain, 7-Eleven, in South Korea will accept payments in the country's central bank digital currency as part of testing until June. During the test phase, a 10% discount is offered on all products paid with CBDC. Moon Dae-woo, head of digital innovation at 7-Eleven, remarked that this testing aims to accelerate the company's digital transformation.
Test Participants and Their Capabilities
The CBDC testing, which begins on April 1 and concludes on June 30, will involve 100,000 participants. Major South Korean banks like KB, Koomin, Shinhan, and others are included. Participants will be able to convert bank deposits into tokens equivalent to the Korean won and use them in coffee shops, supermarkets, K-Pop merchandise stores, and delivery services. Each user's conversion amount is limited to 5 million won.
Central Bank Digital Currencies: Features and Approach
Central bank digital currencies are digital assets issued by government agencies. Unlike Bitcoins and other digital assets that provide certain anonymity, CBDCs are government-controlled. These currencies offer faster and more modern payment features, helping integrate innovations into everyday economic activities.
CBDC testing in South Korea, involving 7-Eleven stores, is an important step toward the country's digital transformation. It will allow evaluating the potential use of digital currencies in retail and everyday citizens' lives.
