According to ChainCatcher, The Korea Times reported that South Korea will launch a large-scale tokenized deposit pilot later this year, with an expected participation of 100,000 people. This pilot project is similar to the use of vouchers and is in line with previous plans.

Last year, the Bank of Korea announced that it would issue a wholesale central bank digital currency (wCBDC) to support interbank settlements. The pilot program will be launched in September or October this year, with the goal of involving up to 100,000 people.

In June, two government agencies announced funding for the project, and deposit tokens can be used for welfare, culture, education and other services. However, the latest report pointed out that the vouchers in the pilot will be used for convenience store shopping.

A banking official said that despite the slight delay in the schedule, the test launched by the end of the year will be a global milestone.