First Electronic Currency to Debut This October

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First Electronic Currency to Debut This October

A committee for the improvement of financial information decided on January 14 to experimentally introduce electronic currency sometime next October. Initially there will be a maximum limit of 100,000 won and trials will be staged in commercial centers like Myungdong District.
The committee intends to enlarge the scope of sites dealing with electronic currency to a national dimension after an experimental period of six to twelve months.
The ratio of fees for using the electronic currency will be approximately 1 percent following the example of foreign countries.
The committee will make a ceiling on the electronic currency of 100,000 won and if users request, they can be reimbursed the value of remaining deposits on their electronic card.
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