South Korea will launch a CBDC pilot project in one of three cities — Jeju, Busan or Incheon. The list did not include the capital of the country — Seoul, writes Chosun.

The Bank of Korea plans to experiment with payments and asset distribution at the state level. The regulator also expects to determine the franchises that will accept the digital won.

Regional closed tests will be similar to the release and distribution of the current scheme of alternatives to the fiat won.