The Bank of Korea takes CBDC to the next level: the digital won enters real banking, while the US blocks development until 2030
The Bank of Korea (BOK) is taking a decisive step forward by launching the second phase of its central bank digital currency (CBDC) pilot project. In this phase, the country's nine largest commercial banks will integrate the digital won into their core account systems, creating a full-fledged infrastructure for real transactions.
While in the first phase the central bank simply distributed pilot tokens to participants via electronic wallets, this phase focuses on embedding CBDC into everyday financial operations. Test participants will be able to use deposit tokens for settlements directly within existing banking systems. This fundamentally changes the approach: we are moving from isolated payments to full integration of digital money into the real financial landscape.
From Vouchers to Government Subsidies
The second phase also includes pilot projects to replace government subsidies and targeted program funds with digital vouchers. South Korean authorities aim to improve the efficiency of budget fund distribution and significantly reduce administrative costs. In effect, the BOK is positioning deposit tokens as an intermediate step between a full-fledged CBDC and stablecoins, testing them within real economic mechanisms.
Complete Contrast with the U.S. Position
While South Korea accelerates the adoption of a state-issued digital currency, the administration of U.S. President Donald Trump takes a directly opposite stance. Treasury Secretary Scott Bessent recently confirmed that under the current administration, a CBDC will not emerge, with the focus instead on U.S. leadership in private digital assets. Moreover, last week, the U.S. Senate and House of Representatives agreed to advance a major housing bill, which includes a provision directly banning the issuance of a CBDC until December 31, 2030.
Thus, the world's two largest economies are moving in diametrically opposite directions: South Korea actively integrates the digital won into the real sector, while the U.S. legislatively blocks any steps in this direction for at least the next five years.
My analysis: This divergence in strategies is not merely a technical or political dispute. South Korea is effectively becoming a global laboratory for CBDCs, testing them in a highly digitized economy. The U.S., by rejecting a state-issued digital currency, is making a conscious bet on the dominance of private stablecoins and cryptocurrencies. The question is which model will prove more sustainable in the long term: state control through CBDCs or the market-driven nature of decentralized assets.