According to The Korea Times, South Korea plans to launch a large-scale tokenized deposit pilot program by the end of 2024, with an estimated 100,000 individuals participating. This pilot program, initially scheduled to begin in September or October 2023, has been slightly delayed. The pilot will utilize a voucher-like system, allowing users to purchase goods at convenience stores. This initiative is part of the Bank of Korea's (BOK) wholesale central bank digital currency (wCBDC) project, aimed at supporting interbank tokenized deposit settlements. Six major commercial banks are currently participating in this project, including NH NongHyup Bank. The Korea Financial Telecommunications & Clearing Institute (KFTC) will serve as the smart contract management body. A banking industry insider stated that despite the slight delay, launching a pilot program with 100,000 users this year will be a significant global milestone. The Bank of Korea is also actively involved in the Bank for International Settlements' (BIS) cross-border payment projects, including the Agorá project, which involves seven central banks and 41 institutions, focusing on tokenized agent banking. Six South Korean banks — Hana Bank, Industrial Bank of Korea, KB Kookmin Bank, NH NongHyup Bank, Shinhan Bank, and Woori Bank — are also participating. Additionally, South Korea is an observer of another BIS cross-border payment project, mBridge.