South Korea · Donald Trump · U.S. Treasury · The Block
Bank of Korea pushes CBDC deposit token initiative to test real-world usage: report
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The Bank of Korea is advancing its central bank digital currency (CBDC) experiment to test real-world usage in existing financial systems, local media outlets reported Monday.
Key facts
- The Block has reached out to the BOK for further comment
- According to a report from ET News, the South Korean central bank's CBDC pilot is entering a new phase involving core account systems in participating commercial banks
- Meanwhile, the U.S. administration under President Donald Trump has pledged to ban the issuance of such a digital currency
- The Bank of Korea is advancing its central bank digital currency (CBDC) experiment to test real-world usage in existing financial systems, local media outlets reported Monday
Summary
According to a report from ET News, the South Korean central bank's CBDC pilot is entering a new phase involving core account systems in participating commercial banks. In the new phase, commercial banks would establish e-wallets, vouchers, and blockchain-based infrastructure to manage the CBDC for commercial usage in connection with the existing core banking system. In the previous phase, the BOK distributed pilot CBDCs in deposit tokens through e-wallets provided by participating banks. Now, participants will be allowed to use the CBDC deposit tokens in existing banking systems for transactions and settlements.