ChainCatcher report, according to CoinDesk, the Bank of Korea has officially launched Phase Two of its digital won pilot project, collaborating with nine commercial banks to conduct real-world tests of deposit tokens covering government subsidy disbursements and nationwide consumer payments and transfers. This phase, named “Project Hangang,” expands on the original seven banks by adding Kyongnam Bank and iM Bank to jointly test won-pegged deposit tokens built on a wholesale central bank digital currency (Wholesale CBDC) infrastructure. One of the core objectives is to reduce payment costs by providing a low-cost alternative to credit card fees for large enterprises and small and micro merchants.
South Korea's Central Bank Launches Second Phase of Digital Won Pilot with Nine Banks
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Summary
South Korea’s Bank of Korea has launched the second phase of its digital won pilot, “Project Hangang,” now involving nine banks, including new participants Kyongnam Bank and iM Bank. The trial covers deposit tokens for government subsidies, consumer payments, and money transfers. The expansion aims to reduce payment costs for businesses. The central bank also emphasized strengthening digital asset regulation and AML/CFT measures within the project’s framework.
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