Main notes
- 7-Eleven started participating in CBDC experiments in South Korea.
- The possibility of a long -time victory was in the work of Korea Bank.
- Other countries, such as the Bank of England, experience CBDC prospects.
South Korea has launched a country level test for its central bank's digital currency (CBDC). This will allow companies and consumers selected to participate. 7-Eleven, Inc. , The leading stores series, is one of the companies that participate in the experiment.
The experiment, which started on April 1 and will continue until June 30, will experience the use of the digital currency in stores, check the speed of treatment, safety, and how customers respond before the start of full operation.
7-Eleven offers CBDC payments with discounts
Customers who use CBDC to pay at 7-Eleven during the experimental stage will get a 10 % discount on each element they buy. This reward is designed to encourage participation and collect comments on the new payment system for each update.
Moon Dae-WoOO, responsible for the 7-Eleven Department, believes that digital payment solutions are the future of retail transactions. While emphasizing that the retail giant wants to be in the lines of technological progress, they are planning to make shopping more suitable for customers.
Meanwhile, offering CBDC payments at 7-Eleven is part of a wider effort to test how the digital currency works in the real world settings. Many other companies, including cafes, supermarkets, K-POP stores and online delivery platforms, are also involved. Their sharing will provide valuable data on how to use CBDC across different industries.
The South Korean government hopes that this experiment will reveal technical or operational challenges that can arise when using digital currencies.
7-Eleven will monitor transaction speeds, consumer behavior and potential safety issues during the test period. This will give them an insight into how to improve the main project before its entire implementation.
Click on the path gains at the country level support
The CBDC test is supported by major financial institutions, including the Korea Bank, the Financial Services Committee (FSC) and the Financial Supervision Service (FSS). These agencies work together to ensure the smooth implementation of the program.
Meanwhile, in January, BOE announced plans to launch the digital pound later later this year as part of the design stage of the potential CBDC agreement.
Interestingly, this is the case through different countries that adopt the digital currency. However, many experts argue that this is that the central bank's digital currencies are issued and monitored by the government, unlike cryptocurrency such as Bitcoin, which work independently and can be very volatile.
Supporters claim that CBDCS will provide better transparency and safety than FIAT, as it is stored in the distributor professor's book.
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Benjamin Jodfrey is a blockchain lover and journalist who enjoys writing about the real life applications of Blockchain technology and innovations to pay public acceptance and complementarity all over the world for emerging technology. His desire to educate people about encrypted currencies inspire his contributions to the media and famous sites in Blockchain.
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