BOK to expand deposit token pilot to 500,000 users as rules lag

The Bank of Korea is pushing forward with the commercialization of deposit tokens, but the related regulatory framework remains in the discussion phase and actual usage is limited, the Maeil Business Newspaper reported. According to the office of People Power Party lawmaker Lee Heon-seung, the central bank plans to lay the groundwork for a formal digital currency system and the commercialization of deposit tokens through the second phase of its 'Project Hangang.' In the second half of this year, the project is scheduled to expand to 500,000 participants and will include real-world transactions such as peer-to-peer (P2P) transfers, auto-recharge functions, and payments at large merchants. However, South Korea's Financial Services Commission stated that discussions on the relevant regulations are still in the early stages of determining a general direction.