Bank of Korea prepares for live CBDC transactions with 9 banks in September
Major banking heavyweights join a massive blockchain network test that will allow retail consumers to trade tokenized won freely across commercial lines.
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Summary
- The Bank of Korea will enter the second phase of its central bank digital currency pilot in September, expanding real-transaction testing to nine major banks.
- The project will use BOK-provided infrastructure while participating banks issue and manage deposit tokens, laying the groundwork for potential commercialization of a digital won.
- South Korea’s CBDC push comes alongside banks’ preparations for won-backed stablecoins and a government plan to classify cryptocurrencies as national assets, even as only a few countries worldwide have fully launched CBDCs.
