đăSouth Korea plans to conduct a large-scale tokenized deposit pilot by the end of 2024ăđ
đą According to the Korea Times, South Korea will launch a large-scale tokenized deposit pilot by the end of 2024, with an estimated 100,000 individuals participating. Although the pilot was originally scheduled to start in September or October 2023, it has now been slightly delayed. Users will experience the convenience of tokenized deposits by purchasing goods at convenience stores in a voucher-like form.
đŠ This pilot is an important part of the Bank of Korea's (BOK) plan to promote wholesale central bank digital currency (wCBDC) to support interbank tokenized deposit settlement. Six major commercial banks have confirmed their participation in the project, including NH NongHyup Bank. The Korea Financial Telecommunications and Settlements Agency (KFTC) will serve as the smart contract management agency.
đ It is worth noting that the Bank of Korea is also actively involved in cross-border payment projects led by the Bank for International Settlements (BIS), including the AgorĂĄ project and the mBridge project, to further promote global fintech innovation.
đ Despite the neutral market attitude, the outlook for Bitcoin remains optimistic. South Korea's move may bring new opportunities for global blockchain technology and cryptocurrency applications.