Global

A Cup of Coffee with Deposit Tokens… Bank of Korea's 'Digital Currency' Experiment

Bloomingbit

"The Bank of Korea and financial authorities will begin the 'digital currency experiment' for the first time next month. Bank deposits can be converted into 'deposit tokens' and used at convenience stores, cafes, bookstores, and more. The Bank of Korea, Financial Services Commission, and Financial Supervisory Service announced on the 24th that they will conduct a real transaction test of digital currency and open deposit token e-wallets with Korean nationality among users of seven banks from the 1st of next month to the end of June. Transactions are made through QR codes."

Tags: Korea

Global

Korea’s Central Bank Says It Won’t Hold Bitcoin Because of Major Risks

CCN

"The Bank of Korea has said that Bitcoin does not meet the nation’s or the International Monetary Fund’s (IMF’s) standards and, therefore, cannot be adopted as a foreign reserve asset. According to the BoK, it’s too volatile, yet this hasn’t deterred El Salvador and now the U.S., which have officially adopted BTC into their economies."

Tags: Korea

Global

Korea Prepares for Large-Scale CBDC Test Involving 100,000 Consumers

Chosunbiz

"A real transaction test of Central Bank Digital Currency (CBDC) targeting 100,000 financial consumers is expected to be conducted as early as this month. Test participants are expected to use deposit tokens issued by commercial banks based on CBDC to purchase goods at various merchants, including convenience stores and cafes."

Tags: Korea

Global

Bank of Korea to Launch CBDC Payment Trial in Supermarkets

Bitcoin News

"South Korea’s central bank, the Bank of Korea, will soon allow participants to use digital tokens for payments at supermarkets and convenience stores in a central bank digital currency (CBDC) trial. Starting in December, 100,000 participants will be part of this test."

Tags: Korea

Global

Use of Contactless Payments Increased Nearly Sixfold Over Past Year [Korea]

Korea Times

"The use of contactless payments, including credit and debit cards with contactless features and smartphones with digital wallets, has surged significantly over the past year in Korea, according to a survey released by Visa. The company attributed the rise partially to the introduction of Apple Pay in the country last year."

Tags: Korea

Global

Samsung and Bank of Korea Partner for In-Depth Offline CBDC Payments Research

Cryptonews

"Samsung Electronics and the Bank of Korea have inked a partnership to research Central Bank Digital Currency (CBDC) technology that could facilitate offline transactions.  On Monday, the two companies signed a memorandum of understanding at Samsung’s headquarters in the south of Seoul, according to a report by The Korea Herald.  The collaboration aims to eliminate the reliance on the internet and introduce a new phase of smooth offline transactions."

Tags: Korea

Global

GLN and KB Join Forces to Establish Global Payment Network

PR Newswire

“GLN International (GLN), the global payment network company established by Hana Financial Group, signed MOU with KB Kookmin Bank to join the global payment network. One of the largest Korean bank which has fiercely competed in a global market, decided to cooperate with GLN to expand the network together.”

Tags: Korea