7-eleven in South Korea starts test phase for digital currency: until June 10% discount on CBDC payments

<p> <strong> 7-eleven in South Korea starts test phase for digital currency: until June 10% discount on CBDC payments </strong> </p>

7-eleven and the CBDC project in South Korea: One step into the digital future

The 7-eleven shops in South Korea will take part in the test phase of the CBDC project (Central Bank Digital Currency) of the Bank of Korea. By June 2024, all 7-eleven branches in the country plan to accept payments in digital central bank currencies (CBDCS).

From April to June 2024, numerous shops in South Korea will take part in the test process for CBDCs, whereby 7-elves act as a test business for the Bank of Korea's “Hangang Project”. The aim of this initiative is to carry out real experiments with digital currency transactions. During the test phase, the convenience store chain will offer a 10 % discount on all articles that are purchased with CBDCs.

According to Moon Dae-Woo, responsible for the area of ​​digital innovation at 7-elves, the company tries to integrate new digital technologies in its daily operating processes. He emphasized: "We strive for multifaceted efforts to efficiently operate business using digital technologies."

CBDCs offer simplified and contemporary payment options. In contrast to cryptocurrencies such as Bitcoin, which offer certain anonymity, CBDCs are subject to state control and surveillance. South Korea has emerged as an important location for cryptocurrencies, especially because the value of its currency has decreased over the years.

test phase with 100,000 participants

The Bank of Korea announced the plan for the first time in November 2023. The explanation stated that 100,000 retail users will take part in the tests. Originally planned for the fourth quarter of 2024, the test phase has so far been delayed.

For participation, the prerequisites are that the participants are at least 19 years old and have a savings account with one of the participating banks. The associated banks include KB, Kookmin, Shinhan, Hana, Woori, Nonghyup, IBK and Busan. During the test, the participants have the opportunity to convert their bank deposits into digital tokens that are stored in a distributed main register. These digital currencies are just as much worth the Korean currency.

The participants can not only use their CBDCs for 7-elves, but also in cafes, grocery stores, K-pop stores and delivery services. During the test phase, users can convert up to 5 million won (about $ 3,416) to tokens. In addition, the Bank of Korea plans to work with the Korea Exchange to integrate the new digital currency into a simulation system for trade in carbon emissions. This should test both supply and payment transactions.

increasing crypto adoption in South Korea

A current study by Atmos shows that South Korea is taking tenth place in the crypto adoption worldwide, with a score of 52.2, an ownership rate of 13.6 % and an adoption growth of 167 %. Industry observers expect the number of crypto investors in South Korea to reach 20 million soon. One specialist officer stated: "Some believe that the cryptom market has reached a saturation point, but there are still endless growth options compared to the already mature stock market."

Overall, the progressiveness and adaptability of the South Korean market shows that the Integration of digital currencies and technologies is no longer just a trend, but is an integral part of future payment transactions.