South Korea targets the regions of Jeju, Busan and Incheon as candidates for the “private target CBDC test bed.”
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.”
Eventually, according to the report, the bank plans to select one of the aforementioned regions, along with experimenting with payments and distribution at a public level and securing franchises that can accept payments via CBDC.“The CBDC electronic wallet app will allow not only local residents but also many civilians, such as tourists to [partake].”
The Bank of Korea said that the regional closed tests of the CBDC will be similar to the issuance and distribution of the current local currency scheme in place in various regions of South Korea.was introduced during the COVID-19 pandemic as a basic income and relief payment solution. Jeju, Busan and Incheon — the regions mentioned as candidates for the pilot — all current issue and distribute their own local currencies such as “Tamranjeon,” “Dongbaekjeon” and “Incheon e-Eum,” respectively.
According to the local report, the local currency scheme has fewer “technical barriers” to overcome compared to CBDCs.as CBDC alternatives for efficiency purposes.
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