Bank of Korea accelerates preparations for deposit token commercialization

The Bank of Korea is accelerating its preparations to commercialize deposit tokens based on its central bank digital currency (CBDC), Yonhap News reported. The central bank's Digital Currency Division recently commissioned an external consulting service, allocating a budget of 1.7 billion won ($1.26 million) for the project. This move coincides with the second phase of testing for Project Han River, the BOK's real-transaction pilot for deposit tokens. Through this consultancy, the bank aims to advance its CBDC system and review the institutional and technical preparations necessary for commercialization.