South Korea’s 7-Eleven stores have begun accepting payments in the country’s central bank digital currency (CBDC) as part of an ongoing pilot program set to run until June.
Customers using CBDC for purchases at the convenience store chain will receive a 10% discount on all products during the test phase.
According to reports, Moon Dae-woo, head of 7-Eleven’s digital innovation division, stated that the company’s involvement in the CBDC trial aligns with its broader digital transformation goals. He emphasized that integrating digital currency payments would enhance the retailer’s technological capabilities.
The nationwide CBDC testing phase, which commenced on April 1 and will conclude on June 30, involves 100,000 participants selected by the government. During the trial, citizens can convert their bank deposits into tokenized digital currency stored on a distributed ledger, maintaining a 1:1 value ratio with the South Korean won.
Several major financial institutions, including KB Kookmin, Shinhan, Hana, Woori, NongHyup, IBK, and Busan Bank, are facilitating the CBDC transactions. Eligible participants—South Korean residents aged 19 and older with an account at a participating bank—were able to apply for inclusion in the test. However, the total conversion limit for each participant has been capped at 5 million won ($3,416) throughout the trial period.
Beyond 7-Eleven, other retail outlets—including coffee shops, supermarkets, K-pop merchandise stores, and delivery platforms—are also participating in the CBDC program. The initiative follows an announcement on March 24 by the Bank of Korea, the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS), outlining the launch of the CBDC test.
Unlike decentralized cryptocurrencies such as Bitcoin, CBDCs are issued and controlled by government institutions, providing regulated digital payment options. South Korea’s central bank first revealed plans for a large-scale retail CBDC test in November 2023, originally scheduling it for late 2024. The Financial Supervisory Service noted that the ongoing trial represents a significant step toward developing a prototype for the country’s future digital monetary system.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
