Bank of Korea embarks on ‘coinless society’ project

seoul-south-korea-web

The Bank of Korea is taking its first steps towards creating a "coinless society", beginning a process of slowly phasing out the use of coins.

In a statement released on November 30, the central bank revealed it would be starting a pilot scheme in the first half of 2017 which would involve coin payments being made via the nation's electronic travel passes or ‘T-cards'.

Currently, the South Korean won is circulated in six coin denominations, the largest of which, the W500, is worth $0.43. Under

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