7-Eleven stores across South Korea are now part of a national test involving the country’s central bank digital currency (CBDC).
The trial, which runs through the end of June, allows shoppers to pay using the new digital money issued by the central bank. During this period, 7-Eleven is offering a 10% discount on all items purchased with the digital currency.
According to Moon Dae-woo, who leads digital development at 7-Eleven, the company joined the test to explore new technology and improve its systems. He said the goal is to help speed up the shift to digital tools in day-to-day operations.
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This trial is organized by several government bodies, including the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service. It officially began on March 24 and runs from April 1 to June 30. A total of 100,000 people will take part in the program.
Government officials said applicants eligible to join the CBDC trial must be at least 19 years old and have a deposit account at one of the participating banks. These include KB, Koomin, Shinhan, Hana, Woori, NongHyup, IBK, and Busan Bank.
Additionally, selected users must be able to convert money from their accounts into digital tokens, which are stored in a shared ledger and equal in value to Korean won.
The program sets a conversion cap of 5 million won, or about $3,416, per person for the duration of the test. This limit helps the central bank track use without high risk.
Meanwhile, shoppers on the Sony Store Online in Singapore can pay with cryptocurrency. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
