Bank of Korea Expands Deposit Token Project; Toss Bank Partners with Solana on June 22

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According to briefing materials submitted by the Korea Federation of Banks, the Bank of Korea is advancing its deposit token initiative toward full-scale deployment on June 22, expanding beyond last year's pilot payment functionality test. The second phase will introduce person-to-person transfers, increase participating merchants, and enable individual banks to launch deposit token services. Government subsidies for South Korea's electric vehicle charging infrastructure will be distributed to companies through deposit tokens as a proof-of-concept for programmable government disbursements. Separately, Toss Bank announced a memorandum of understanding with the Solana Foundation on June 22 to explore blockchain-based cross-border remittances and stablecoin payments, reflecting parallel tokenized money experiments across South Korea's financial sector.
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