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Bank of Korea to Introduce Service to Receive Change via Bank Account

Bank of Korea to Introduce Service to Receive Change via Bank Account

SEOUL, Oct. 4 (Korea Bizwire) — The Bank of Korea (BOK) announced plans to introduce a new service this year that will allow citizens to receive change through their bank account as part of its ‘coinless society’ initiative. “We will introduce a new service by the fourth quarter of this year that will allow customers [...]

221 mln Coins Reborn as Banknotes

221 mln Coins Reborn as Banknotes

SEOUL, Jun. 21 (Korea Bizwire) — The Bank of Korea (BOK) said Thursday that it conducted a month-long “Pan-National Coin Exchange Campaign” in May, exchanging a total of 221 million coins worth 32.2 billion won (US$27.7 million) for banknotes. The campaign was led by the Korea Federation of Banks, Korean Federation of Community Credit Cooperatives, [...]

20 Billion Won in Damaged Currency Exchanged over Past 5 Years

20 Billion Won in Damaged Currency Exchanged over Past 5 Years

SEOUL, Oct. 22 (Korea Bizwire) — More than 20 billion won in South Korean coins and bills has been traded in for new currency over the past five years. Rep. Shim Jae-chul, a member of the Strategy and Finance Committee at the National Assembly, said on Sunday that the value of damaged banknotes, including burnt [...]

South Korea Begins Pilot Project for “Coinless Society”

South Korea Begins Pilot Project for “Coinless Society”

SEOUL, April 19 (Korea Bizwire) – South Korea plans to launch a pilot project for a coinless society this week, South Korea’s central bank said Wednesday, a move that could enhance convenience for ordinary people.  Under the project set to begin Thursday, consumers can deposit small change left from purchases of goods into their prepaid [...]

Korea Takes Step Forward to “Coinless Society”

Korea Takes Step Forward to “Coinless Society”

SEOUL, Dec. 1 (Korea Bizwire) – The Bank of Korea announced Thursday a pilot project to allow convenience store customers to charge their prepaid public transportation cards using spare change, the first step forward to a “coinless society.”  According to representatives, the BOK will begin a selection process of convenience store franchises that will take [...]

Commemorative Coins for PyeongChang 2018 Olympics Revealed

Commemorative Coins for PyeongChang 2018 Olympics Revealed

SEOUL, Sept. 22 (Korea Bizwire) – Commemorative coins for the next winter Olympics were unveiled Thursday by the PyeongChang 2018 organizing committee. Manufactured by the state-run Korea Minting and Security Printing Corporation, the complete set features two gold coins, eight silver coins and one brass coin. The coins will be sold by 10 financial institutions [...]