The Bank of Korea has selected Jeju, Busan and Incheon as potential areas for a pilot scheme of its central bank digital currency (CBDC).
The national capital, Seoul, did not make the list. After choosing one region, the Bank aims to test payments and distribution at a public level and secure businesses that will accept payments via CBDC.
An individual from the Bank reportedly said that the app for this digital wallet will allow anyone, including tourists, to use it.
The closed tests of the CBDC will be similar to the local currency program already implemented in many parts of South Korea and used during the COVID-19 pandemic as a relief payment solution.
Busan was a strong candidate, but it was decided that Jeju, with the second-largest population, would be the best choice. The local currency program has fewer technical hurdles than CBDCs.
