South Korea's CBDC Pilot to Take Place in Jeju, Busan, or Incheon, Excluding Seoul The central Bank of Korea
(BOK) has narrowed down the choices for its central bank digital currency (CBDC) pilot venue to three regions. Notably,
the nation's capital Seoul is not among these. The major regions chosen as candidates
are Jeju, Busan, and Incheon, according to IT Chosun.
Eventually, the bank will choose
one of the three. It will then secure franchises
that can accept CBDC payments and will start experimenting with payments and distribution at a public level.
The private test is scheduled
for next year. The BOK will select the pilot site after considering the expected number of users and the effect on the local economy. An official from a commercial
bank said that:
"In the case of Busan, the number of eligible citizens is so large that the Bank of Korea is burdened in many ways, so the opinion was greatly inclined to Jeju, which has the next largest population."
