Bank of Korea's deposit token project aims for commercialization, sparking concern among banks

The Bank of Korea is pursuing its deposit token project with the clear intention of full-scale commercialization, not just as a pilot program, Maeil Business Newspaper reported. The country's banking sector has expressed concerns, stating that subsequent phases, which include enabling peer-to-peer transfers and expanding use cases, would require procedures on par with launching an entirely new business and have requested a schedule adjustment. According to a document submitted by the Korea Federation of Banks to the office of People Power Party lawmaker Lee Heon-seung, the central bank and commercial banks are planning follow-up tests to build a foundation for the formal introduction and widespread use of the tokens, aiming for continuous operation without service interruption.