Keynote
- 7-Eleven began to participate in the CBDC trial in Korea.
- The outlook for the digital circle has been in the work of the Bank of Korea for a long time.
- Other countries, such as the British bank, are also judging the CBDC outlook.
Korea has started a national test on CBDC (Central Bank Digital Currency). This allows the selected business and consumers to participate. 7-Eleven, Inc., who leads a convenience store, is one of the businesses participating in the experiment.
The test, which starts on April 1 and operates until June 30, tests the use of digital currency at the store and checks the transaction speed, security and how customers respond before the entire launch.
7-Eleven introduces a discounted CBDC payment
In the pilot stage, customers who pay for 7-Eleven using CBDC receive a 10% discount on all purchased items. This reward is designed to encourage participation in the new payment system per update and collect feedback.
MOON DAE-WOO, which is in charge of 7-ELEVEN’s Digital Innovation Division, sees digital payment solutions as the future of retail transactions. We plan to make our customers more convenient, emphasizing that the retailer wants to be at the forefront of technology development.
On the other hand, the introduction of CBDC payment in 7-Eleven is part of more efforts to test how digital currency can work in the actual environment. Many businesses are also involved, including coffee shops, supermarkets, K-POP product stores and online delivery platforms. Their participation will provide valuable data on how CBDC is used in other industries.
The Korean government hopes to identify the technical or operational issues that can occur when this experiment can occur when using digital currency.
7-Eleven closely monitors trading speed, consumer behavior and potential security during the test period. This provides insight into how to improve the main project before it is completely implemented.
Promote the national trail gains
CBDC tests are supported by major financial institutions, including the Bank of Korea, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). These institutions are working together to ensure the smooth execution of the program.
Meanwhile, in January, BOE (Bank of England) announced plans to launch a digital pound rap as part of the potential CBDC’s design stage later this year.
Interestingly, this was in other countries that accepted digital currencies. Nevertheless, many experts argue that this is because the central bank digital currency is issued and monitored by the government, unlike cryptocurrency such as Bitcoin.
Supporters argue that CBDC will provide better transparency and security than Fiat because the CBDC is stored in the distributed ledger.
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Benjamin Godfrey is a blockchain enthusiast and journalist, and is integrated worldwide with the general acceptance of emerging technology, loving writing about the actual applications and innovation of blockchain technology. His desire to educate people for Cryptocurrencies encourages his contribution to famous blockchain media and sites.