The Bank of Korea has narrowed down three regions for the piloting of its central bank digital currency (CBDC), which does not include the country’s capital, Seoul, according to a report from a local South Korean media outlet. On July 31, it was confirmed that the Bank of Korea has chosen Jeju, Busan and Incheon as its candidates for the “private target CBDC test bed.” The Bank of Korea said that the regional closed tests of the CBDC will be similar to the issuance and distribution of the current local currency scheme in place in various regions of South Korea. According to the local report, the local currency scheme has fewer “technical barriers” to overcome compared to CBDCs.
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