South Korea's Central Bank Digital Currency Pilot 'Hangang Project' Enters Phase Two with Two New Banks Joining

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

It is reported that the second phase of the South Korean CBDC testing will significantly expand the user scale and application scenarios of deposit tokens. The upper limit for electronic wallets will be raised from 100,000 to 500,000. The scope of use will be expanded from existing merchants to include small and medium-sized enterprises (SMEs) and large corporations. New features such as wallet-to-wallet transfer functionality and treasury fund payment pilots will be added. The single wallet holding limit will be increased from 1 million won to 10 million won, while the cumulative holding limit will be raised from 5 million won to 100 million won. (EToday)