Svmuu News: South Korea’s Financial Services Commission announced that the second phase of the “Han River Project,” a central bank digital currency (CBDC) pilot program, has begun, with Kyungnam Bank and iM Bank officially joining, bringing the total number of participating banks to nine.
According to reports, the second phase of South Korea’s CBDC testing will significantly expand the user base and application scenarios for deposit tokens. The cap on the number of e-wallets will be raised from 100,000 to 500,000, the scope of use will expand from existing merchants to small and medium-sized businesses and large enterprises. Additionally, new features such as inter-wallet transfers and a pilot program for treasury fund payments will be introduced, the holding limit per wallet will be raised 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)