BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

South Korea Advances CBDC Trial, Excludes Seoul: Jeju, Busan, and Incheon Under Consideration

by Dan K
Jul 31, 2023 - 1:20 pm
in Blockchain
South Korean Financial Regulator Discusses Ban on Credit Card Cryptocurrency Purchases.

South Korea to Pilot CBDC in Notable Cities, Excluding Seoul

The Bank of Korea is advancing with its Central Bank Digital Currency (CBDC) pilot, selecting three potential regions for issuing and testing the digital currency.

Narrowed Down to Three

On July 31, it was confirmed that the Bank of Korea has chosen Jeju, Busan, and Incheon as its candidates for the “private target CBDC test bed”. Notably absent from the list is the nation’s capital, Seoul, according to a report from a local South Korean media outlet.

Pioneering with CBDC

As the report suggests, the Bank plans to pick one region from the aforementioned for experimenting with CBDC payments and distribution at a public level. It also aims at securing franchises that accept payments via CBDC. A bank official reportedly stated, “The CBDC electronic wallet app will allow not only local residents but also many civilians, such as tourists to [partake].“

Similar to the Local Currency Scheme

The Bank of Korea indicated that the regional closed tests of the CBDC will resemble the issuance and distribution of the local currency scheme currently used in various regions of South Korea. The local currency scheme, introduced during the COVID-19 pandemic, served as a basic income and relief payment solution.

Regions and Their Local Currencies

Jeju, Busan, and Incheon – the potential pilot regions – already issue and distribute their local currencies like ‘Tamranjeon’, ‘Dongbaekjeon’, and ‘Incheon e-Eum’ respectively. According to an official from a commercial bank in Korea, the choice of location may be “greatly inclined” towards Jeju due to its large population.

Challenges and Alternatives

As per the local report, CBDCs have more “technical barriers” to overcome compared to local currencies. Meanwhile, multiple banks in South Korea are conducting research on stablecoins as a possible efficient alternative to CBDCs.

Tags: AdoptionCBDCSouthKorea
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service