South Korea Launches Deposit Token Payment Infrastructure Project, Expands CBDC Pilot to Private Payments

The Korea Internet & Security Agency and the Ministry of Science and ICT have initiated the "Deposit Token Payment Infrastructure Expansion Project," extending the results of the CBDC pilot "Project Hangang" to the private payment sector. The project is overseen by the Financial Settlement Institute and involves nine banks, eight payment gateways, and two large demand-side participants, with a total budget of 9.6 billion KRW aimed at reducing payment fees for small and micro businesses. The project utilizes existing payment systems, allowing users to complete payments through bank deposit token wallets without requiring merchants to change their terminals. The government also plans to apply deposit tokens to a pilot for public travel expenses and explore a treasury fund management model linked with dBrain. Approximately 3 billion KRW of the budget will be allocated for the development, operation, and promotion of small and medium-sized enterprises, startups, and IT companies, while participating banks will promote related businesses worth about 4.5 billion KRW.

Disclaimer: This content is provided for general branding and informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online events, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets or to use any services. Crypto assets are highly volatile and may result in loss. WEEX services and online events may not be available in all regions and are subject to applicable laws, regulations, and eligibility requirements. You are responsible for ensuring that your use of WEEX services complies with local laws and for carefully assessing the risks before participating in any crypto-related activities.