Bank of Korea has announced a cooperation agreement with the Ministry of Science and ICT (MSIT) and the Financial Services Commission (FSC) to jointly test the usability of digital currency (CBDC) and tokenized deposits. The central bank plans to conduct a trial of tokenized deposits among 100,000 people by the end of the year and achieve interbank settlement through wholesale CBDC. In this test, 7 domestic banks will participate and tokenized deposits will be protected by the current deposit insurance system. In addition, the central bank has developed a digital voucher platform to reduce the complexity and fraud risk of paper voucher settlement.
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South Korea’s central bank and regulators sign CBDC and tokenized deposit trial agreement
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