Chairman Kim Byoung Hwan of the Financial Services Commission attended a memorandum of understanding (MOU) signing event held on November 6 among the Ministry of Science and ICT, the Financial Services Commission, and the Bank of Korea for seeking cooperation on the demonstration of digital financial services based on central bank digital currency (CBDC) and deposit tokens. To facilitate demonstration, the FSC has allowed the seven banks that showed willingness to participate in the pilot test to issue deposit tokens under the financial regulatory sandbox program. At the MOU signing event, FSC Chairman Kim said that the demonstration stage will help with identifying how CBDC and deposit tokens will bring about convenience and benefits for consumers. In this regard, Chairman Kim stressed the need to set up and operate systems from the perspective of end users and closely look into and work to resolve unforeseen risks along the way.