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South Korea's FSC Designates CBDC Deposit Token Testing Phase 2, Adds Two Banks on July 15

2026-07-16 03:12:06

On July 15, South Korea's Financial Services Commission (FSC) designated five new innovative financial services projects, including deposit token-based central bank digital currency (CBDC) payment settlement testing phase 2. Kyongnam Bank and IM Bank were newly designated as participating institutions, while seven existing banks, including KB Kookmin Bank, had their phase 1 designations updated. The phase 2 expansion broadens the user base and use cases, introduces remittance functionality alongside existing payment services, and extends application scope to government fund execution projects.

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