The Bank of Korea moves its CBDC pilot into real banking infrastructure — the U.S. prepares a moratorium until 2030
The Bank of Korea is taking a decisive step forward in testing a central bank digital currency (CBDC). In a new phase of the pilot project, the regulator is moving the experiment from an isolated environment into the country's operational financial infrastructure. This fundamentally changes the nature of the testing: the digital form of the national currency will now be integrated into real banking processes.
Nine banks, one token, real money
Nine commercial banks are participating in this phase. They will develop electronic wallets, vouchers, and blockchain infrastructure for managing CBDC deposit tokens. Previously, the regulator distributed pilot tokens through the same wallets, but now participants are allowed to use them for transactions and settlements within the real banking system.
The key difference in the new phase is the full cycle of operations: from token issuance to their use in everyday financial flows. Additionally, plans include replacing government subsidies and targeted program funds with digital vouchers. This will improve the efficiency of budget fund distribution and reduce administrative costs.
South Korea accelerates, the US slows down
Against the backdrop of the Bank of Korea's active actions, the US position appears diametrically opposite. The administration of President Donald Trump has repeatedly stated that there are no plans to issue a CBDC. Treasury Secretary Scott Bessent confirmed that under the current government, the focus will be on leadership in digital assets, not on a state digital currency.
Moreover, last week, the US Senate and House of Representatives agreed to advance a major housing bill, which includes a provision banning the issuance of a CBDC until December 31, 2030. Thus, the world's two largest economies are moving in opposite directions: South Korea is actively implementing a digital currency, while the US is legislatively blocking its emergence.
Cryptalist Analysis: The divergence in approaches between Seoul and Washington is not just a tactical discrepancy but a fundamental difference in strategies for financial sovereignty. South Korea is betting on technological integration and state control, while the US prefers to preserve the field for private stablecoins and DeFi. The question is who will be faster and more efficient—the centralized digital won or decentralized competition.