Seoul: South Korea's central bank announced plans to test the feasibility of a digital voucher based on a tokenized deposit as part of its trial to introduce a wholesale central bank digital currency (CBDC). The initiative involves collaboration with the Financial Services Commission, Ministry of Science and ICT, and the Bank of Korea, aiming to develop a voucher program for smartphones via a digital voucher management platform that can be utilized for culture, education, and other purposes.According to Yonhap News Agency, the Bank of Korea (BOK) believes that transitioning from paper and plastic card-based vouchers to a digital voucher system leveraging tokenized bank money will streamline settlements and other processes, making them faster and more efficient. The BOK has been conducting mock tests since August 2021 to explore the use of CBDCs in inter-financial institution transactions.In the previous year, an agreement between the central bank, the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS) resulted in the expansion of the feasibility tests to include transfers and settlements among financial institutions based on tokenized bank deposits. Furthermore, they have been investigating the potential use of CBDCs as a settlement method among customers.
- October 12, 2026
