Bank of Korea 2024 Payment and Settlement Report: 2025 Q2 Digital Currency Testing Plan, Accelerating Stablecoin Legislation

In modern economic activities, payment and settlement systems play a central role in facilitating transactions and maintaining financial stability. In order to improve the security and efficiency of the system, the Bank of Korea recently released the "2024 Payment and Settlement Report", which comprehensively reveals the operation of the domestic payment system, risk management strategies, digital innovation achievements and future development directions in 2024. This report not only reflects the development of the Korean payment market, but also conveys strategic thinking for the digital finance era.

Payment Scale Growth: From Securities to Electronic Transfers on the Rise

According to the report, the major payment systems in South Korea are showing significant growth in 2024. For example, the Bank of Korea's financial network has an average daily payment amount reaching 617 trillion won, an annual increase of 11.2%. Among them, the growth rate of securities transaction fund settlement is the largest, with an annual increase of 18.6%. In addition, the average daily settlement amount of the small payment system has also increased to 106.4 trillion won, reflecting the rapid expansion of electronic banking and open banking platforms.

Settlement Risk Management is well-controlled, and the Bank of Korea stabilizes its role as a financial hub.

In order to avoid payment interruptions and liquidity risks, the Bank of Korea has strengthened its settlement risk management system. In 2024, the scale of temporary settlement funds used by financial institutions during the day will increase to an average of KRW 4.3 trillion per day, an annual increase of 29.2%. This means that even when market volatility increases, participating institutions can successfully complete the delivery of funds and avoid the spread of systemic risks.

Digital Advancement: Experimenting with Central Bank Digital Currency (CBDC) and the New RTGS System

The Bank of Korea pointed out in its report that it has officially launched the "Digital Currency Test Project" (Project Han River), and will conduct civilian testing in the second quarter of 2025, with actual application scenarios covering convenience stores, supermarkets, delivery platforms, and more. At the same time, to enhance cross-border payment efficiency, South Korea is studying the introduction of a rapid funds transfer system based on RTGS (Real-Time Gross Settlement) to replace the current DNS (Deferred Net Settlement) based structure.

International Alignment: Implementing ISO 20022 Standards and Strengthening G20 Cooperation

In response to the G20 "Roadmap for Improving Cross-Border Payments", South Korea is actively adopting the international standard ISO 20022 and participating in multilateral cooperation. In 2024, the Bank of Korea participated in several international meetings, including those with BIS and EMEAP, collaborating with countries such as Singapore, Malaysia, and Australia to promote cross-border payment experiments like Mandala and Agora, moving towards the global payment goal of low cost, high transparency, and high speed.

The regulations for digital assets have taken shape, and the "Virtual Asset User Protection Act" has officially come into effect.

With the growth of the virtual asset market, South Korea will implement the "Virtual Asset User Protection Act" in July 2024, granting the Bank of Korea the right to request information from virtual asset operators to monitor market stability. Additionally, there are plans to promote a second phase of legislation that aims to propose a more comprehensive system design regarding operator classification, issuance transparency, and stablecoin regulation.

While the Bank of Korea is expanding and developing digital currency testing, it will provide opinions in discussions on relevant regulatory legislation regarding stablecoins that may develop into digital payment tools, further strengthening efforts to build a payment and settlement ecosystem in the digital financial environment.

The translation content of the report is provided by Immersive Translation ( Free activation: , enter the discount code: ABMedia2025, to enjoy a 10% discount on the professional version ) Responding to market events: PG industry and e-commerce chaos trigger system reflection.

In 2024, the e-commerce platform "Tmon" and "Wemakeprice" will have a delayed settlement storm, triggering criticism of the PG (payment generation industry) system. Although it did not directly affect the national payment system, the Bank of Korea and regulators immediately began to review the Electronic Financial Transactions Act and the Large-scale Circulation Industry Law, and planned to strengthen the separation management of sales payments and the regulation of settlement time limits to protect the rights and interests of consumers and merchants.

Enhancing User Experience: Expanding Accessible ATM and Mobile Cash Card Services

The report also shows that the cash card service promoted by the Bank of Korea and the Financial Settlement Institute has expanded support to Samsung Wallet, and the range of ATM support has been extended from banks to automated devices such as convenience stores. At the same time, new ATM design standards have been established for persons with disabilities to enhance the inclusiveness of digital finance.

The "2024 Payment and Settlement Report" is not only an annual data summary but also a blueprint document reflecting the Bank of Korea's vision for the future financial landscape. From robust Risk Management, promoting technological innovation, to actively participating in international cooperation, the Bank of Korea is gradually building a safer, more efficient, and inclusive payment and settlement ecosystem, laying a solid foundation for the future of the digital economy.

This article from the Bank of Korea 2024 Payment and Settlement Report: 2025 Q2 Digital Currency Testing Plan, accelerating stablecoin legislation first appeared in Chain News ABMedia.