Listen to this article
According to a local South Korean media outlet, the Bank of Korea has chosen Jeju, Busan, and Incheon as test cities for its central bank digital currency (CBDC).
The bank intends to test the CBDC's payment and distribution capabilities publicly. They plan to select one city for the pilot and create a CBDC electronic wallet app for locals and visitors.
The CBDC regional closed tests will follow a similar approach to the current South Korean local currency mechanism.
Jeju, Busan, and Incheon already have their own local currencies. On the other hand, Jeju is touted as a possibility due to its large population.
