However, unlike Bitcoin and other privacy-focused tokens that offer certain levels of anonymity, CBDCs are controlled and monitored by governments. Related: Over 400 South Korean officials disclose $9.8M in crypto holdingsSouth Korea tests CBDC from April to JuneOn March 24, government agencies including the Bank of Korea, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) announced the CBDC test. Participants can convert their bank deposits into tokens stored in a distributed ledger during the test period.
South Korea’s 7-Eleven stores will accept payments in the country’s central bank digital currency (CBDC) until June, as the retailer participates in the test phase of its CBDC project. The convenience store chain will reportedly provide a 10% discount on all products paid for with CBDC during the test period.
According to Moon Dae-woo, head of 7-Eleven’s digital innovation division, the company is making an effort to incorporate digital technology advancements in its operations. The executive added that the company’s participation in the CBDC test will help accelerate the firm’s digital transformation. Many stores will participate in South Korea’s CBDC testing phase, which runs from April 1 to June 30.
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Author / Journalist: Cointelegraph by Ezra Reguerra
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