{"id":126304,"date":"2025-04-02T09:17:57","date_gmt":"2025-04-02T09:17:57","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126304"},"modified":"2025-04-02T09:17:57","modified_gmt":"2025-04-02T09:17:57","slug":"7-eleven-south-korea-to-accept-cbdc-payments-in-national-pilot-program","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126304","title":{"rendered":"7-Eleven South Korea to accept CBDC payments in national pilot program"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsSouth Korea\u2019s 7-Eleven stores will accept payments in the country\u2019s central bank digital currency (CBDC) until June, as the retailer participates in the test phase of its CBDC project.\u00a0<br \/>\nThe 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\u2019s digital innovation division, the company is making an effort to incorporate digital technology advancements in its operations.\u00a0<br \/>\nThe executive added that the company\u2019s participation in the CBDC test will help accelerate the firm\u2019s digital transformation.\u00a0<br \/>\nMany stores will participate in South Korea\u2019s CBDC testing phase, which runs from April 1 to June 30. The project also involves 100,000 participants who will be allowed to test payments using CBDC issued by the central bank.\u00a0<br \/>\nCentral bank digital currencies are digital assets issued by government agencies. Like other digital assets, CBDCs offer faster and more modernized payment features. However, unlike Bitcoin and other privacy-focused tokens that offer certain levels of anonymity, CBDCs are controlled and monitored by governments.\u00a0<br \/>\nRelated: Over 400 South Korean officials disclose $9.8M in crypto holdings<br \/>\nSouth Korea tests CBDC from April to June<br \/>\nOn March 24, government agencies including the Bank of Korea, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) announced the CBDC test.\u00a0<br \/>\nParticipants can convert their bank deposits into tokens stored in a distributed ledger during the test period. The tokens hold the same value as the Korean won.<br \/>\nThe government agencies said citizens aged 19 or older with a deposit account in a participating bank could apply to take part. Registrations were limited to 100,000 participants. KB, Koomin, Shinhan, Hana, Woori, NongHyup, IBK and Busan are among the banks participating in the CBDC tests.\u00a0<br \/>\nApart from 7-Eleven, participants can use their CBDCs in coffee shops, supermarkets, K-Pop merchandise stores and delivery platforms. However, users will be limited to a total conversion limit of 5 million won ($3,416) during testing.\u00a0<br \/>\nThe Bank of Korea first announced the retail CBDC testing for 100,000 users in November 2023 and was originally scheduled to begin in the fourth quarter of 2024. The FSS said the country\u2019s CBDC test represents a step toward creating a prototype for a \u201cfuture monetary system.\u201d<br \/>\nMagazine: Ridiculous \u2018Chinese Mint\u2019 crypto scam, Japan dives into stablecoins: Asia Express<a href=\"https:\/\/cointelegraph.com\/news\/7-eleven-cbdc-testing-phase-april-june-30?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsSouth Korea\u2019s 7-Eleven stores will accept payments in the country\u2019s central bank digital currency (CBDC) until June, as the retailer participates in the test phase of its CBDC&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126304"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126304"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126304\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126304"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}