The Bank of Korea (BoK) has selected Jeju, Busan, and Incheon as potential sites for its central bank digital currency (CBDC) pilot program, notably excluding the capital, Seoul. The country’s central bank will ultimately select one region to experiment with public-level payments and distribution, alongside securing franchises capable of processing CBDC payments. Despite Busan’s significant user base, reports indicate the officials’ preference for Jeju. Meanwhile, several Korean banks are exploring stablecoins as an alternative to CBDCs.
Source: https://cointelegraph.com
