South Korea's CBDC pilot "Hangang Project" Launches Second Phase with Two New Banks Joining

Odaily reported that the Financial Services Commission of South Korea announced the launch of the second phase of the central bank digital currency (CBDC) pilot, the "Hangang Project," with Gyeongnam Bank and iM Bank officially joining, bringing the total number of participating banks to 9.

It is reported that the second phase of testing for South Korea's CBDC will significantly expand the user scale and application scenarios of deposit tokens. The cap on the number of electronic wallets will increase from 100,000 to 500,000. The scope of use will expand from existing merchants to small and medium-sized merchants and large enterprises. New features will include wallet-to-wallet transfer functions and a treasury fund payment pilot. The holding limit for a single wallet will be raised from 1 million KRW to 10 million KRW, while the cumulative holding limit will increase from 5 million KRW to 100 million KRW. (EToday)