The Bank of Korea has signed a pilot agreement for CBDC and tokenized deposits with institutions such as the Financial Services Commission

ChainCatcher news, according to Ledger Insights, the 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 feasibility of digital currency (CBDC) and tokenized deposits.

The central bank plans to pilot tokenized deposits among 100,000 people by the end of the year and achieve interbank settlement through wholesale CBDC. In this trial, seven domestic banks will participate, and tokenized deposits will be protected under the current deposit insurance system.

In addition, the central bank has developed a digital voucher platform to reduce the complexity and fraud risk associated with paper voucher settlements.