The Financial Services Commission of Korea has approved the second phase of the CBDC project, adding Gyeongnam Bank and iM Bank. The deposit token wallet limit has been increased to 500,000, and the holding limit raised to 10 million KRW. Transfer functionality and smart contract-based payment methods have been introduced. Additionally, the Financial Services Commission has approved a joint low-interest loan service for small and medium-sized enterprises and self-employed individuals by Kakao Bank and Busan Bank, as well as a prepaid card service for foreign visitors to Korea by Naver Financial and Orange Square.
South Korea's Financial Services Commission Approves Phase 2 Testing of CBDC with New Transfer Features
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Summary
South Korea's Financial Services Commission has approved new token listings for the second phase of its CBDC trials, introducing transfer functionality and increasing the wallet limit to 500,000 with a 10 million KRW cap. The update includes smart contract payments and adds Gyeongnam Bank and iM Bank. Kakao Bank and Busan Bank now offer low-interest loans tied to interest rate news for SMEs and self-employed individuals, while Naver Financial and Orange Square provide prepaid card services for foreign tourists.
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