Svmuu News: The second phase of the Bank of Korea’s central bank digital currency (CBDC) pilot project, the “Han River Project,” is set to begin. The Bank of Korea and commercial banks are making final preparations for the second phase of real-world transaction testing using deposit tokens. If system development and participant recruitment proceed as planned, actual transactions are expected to begin as early as September.
During the first phase of transaction testing, conducted from April to June of last year, 81,000 people participated via e-wallets and completed 114,900 transactions using deposit tokens. While the first phase primarily evaluated the deposit token payment system, the second phase will focus on exploring commercialization.
Additionally, in its economic growth strategy for the second half of the year released on the 15th, South Korea’s Ministry of Economy and Finance announced that it will launch a pilot project next year to tokenize government bonds linked to the Bank of Korea’s institutional-level central bank digital currency (CBDC).