Second Phase of South Korea's Central Bank Digital Currency Pilot Han River Project Launched with Two Banks Joining

The Financial Services Commission of South Korea has announced the launch of the second phase of the central bank digital currency (CBDC) pilot project, known as the Han River Project. Kyongnam Bank and iM Bank have officially joined, bringing the total number of participating banks to nine. The second phase of testing will expand the user base and application scenarios for deposit tokens, increasing the limit on the number of electronic wallets from 100,000 to 500,000. The usage range will extend from merchants to small and medium-sized enterprises as well as large corporations. New features include inter-wallet transfer functionality and a pilot for treasury fund payments. The individual wallet holding limit will be raised from 1 million won to 10 million won, while the cumulative holding limit will increase from 5 million won to 100 million won.

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