The Bank of Korea takes CBDC to the next level: the digital won enters real banking, while the US prepares a moratorium until 2030
South Korea's regulator is taking a decisive step toward digitizing the national currency. The Bank of Korea is moving the pilot project for launching a central bank digital currency (CBDC) to a fundamentally new stage. Instead of isolated tests, the digital won will now be integrated into the country's real banking infrastructure.
Nine Banks and Real Accounts
The key change is that the pilot is no longer limited to issuing tokens through separate wallets. In the new phase, nine participating commercial banks will create full-fledged electronic wallets, vouchers, and blockchain infrastructure for managing the CBDC. Crucially, these digital assets will be linked to existing bank accounts. This means users will be able to use CBDC deposit tokens for real transactions and settlements within the existing financial system, rather than in an isolated test environment.
The second phase also includes more ambitious scenarios. The regulator plans to conduct pilots for replacing government subsidies and targeted program funds with digital vouchers. The goal is to increase the efficiency of budget fund distribution and reduce administrative costs. This is a direct signal that the authorities see the CBDC not just as an experiment, but as a tool for modernizing public finances.
Geopolitical Contrast: Asia Accelerates, the US Slows Down
Against the backdrop of Seoul's active actions, Washington's position looks diametrically opposite. The administration of President Donald Trump has repeatedly stated its reluctance to issue a digital dollar. Treasury Secretary Scott Bessent has reaffirmed that a CBDC will not appear under the current administration, and the focus will be on US leadership in the field of private digital assets.
Moreover, last week the US Senate and House of Representatives agreed to advance a large-scale housing bill, which includes a provision directly banning the issuance of a CBDC until December 31, 2030. Thus, the two largest economies in the world are moving in opposite directions: South Korea is actively implementing a central bank digital currency, while the US is legislatively blocking this process for years to come.
Cryptalist Analysis: The gap in approaches between Asia and the US is becoming increasingly evident. While Washington is consumed by political debates and fears of government control, Seoul is methodically building the technological foundation for a digital economy. By 2030, when the US moratorium expires, South Korea's CBDC infrastructure may already be fully refined and integrated, giving the country a tremendous competitive advantage in financial technology. The market should closely watch this case — it could become a benchmark for other central banks.