The Bank of Korea and other financial regulators have announced a pilot program that will allow 100,000 South Koreans to use deposit tokens based on the country’s central bank digital currency (CBDC).

Deposit tokens are digital assets issued by regulated banks that act like traditional deposits, and they can used for payments and transactions.

Pilot participants can buy goods using deposit tokens, similar to paying via vouchers at shops. However, other uses such as personal remittance are currently unavailable.