Bank of Korea and its consortium of commercial banks announced that they have been holding continuous discussions on operating deposit tokens, aiming to set the stage for a formal rollout. The briefing materials, submitted by the Korea Federation of Banks to People Power Party lawmaker Lee Heon‑seung, outline a follow‑up test designed to lay the groundwork for official introduction and broader adoption. Participants also examined strategies to keep services running smoothly while preparing for eventual commercialization.
Regulatory Framework and Pilot Overview
Deposit tokens function as digital bank deposits issued by commercial banks atop the wholesale central bank digital currency (CBDC) infrastructure supplied by the Bank of Korea. In the inaugural pilot conducted last year, consumers employed electronic wallets to settle everyday transactions using these tokens. The pilot demonstrated that blockchain‑based solutions can coexist with traditional banking services without disrupting the crypto market.
Next‑Phase Enhancements and Expansion Plans
The upcoming test phase will introduce several new capabilities, including a larger pool of users and merchants, peer‑to‑peer transfers, and the option for individual banks to launch bespoke services linked to deposit tokens. A business‑to‑business treasury payment program is also slated, allowing government subsidies for South Korea’s electric‑vehicle charging network to be disbursed to companies as deposit tokens. These developments aim to attract investors seeking exposure to blockchain‑driven financial products while reinforcing the stability of the domestic market.