South Korea is preparing to launch the second phase of its central bank digital currency pilot, known as the "Han River" project, according to Yonhap News Agency as cited by ChainCatcher. The Bank of Korea and commercial banks are making final preparations for a new round of real transaction testing involving deposit tokens. If system development and participant recruitment stay on schedule, live transactions could begin as early as September. The first phase, which ran from April to June last year, involved 81,000 participants using e-wallets and recorded 114,880 deposit-token transactions. That initial round focused on testing the deposit-token payment system, while the second phase is set to examine commercialization. Separately, South Korea's Ministry of Economy and Finance said in an economic growth strategy released on the 15th that it plans to roll out a pilot next year for tokenized government bonds linked to the Bank of Korea's wholesale CBDC.
South Korea's central bank digital currency pilot, the "Han River" project, is about to enter its second phase, according to Yonhap News Agency as cited by ChainCatcher.
The Bank of Korea and commercial banks are making final preparations for the second-stage test of real transactions using deposit tokens. If system development and participant recruitment are completed on schedule, actual transactions are expected to start as early as September.
First phase logged 114,880 transactions
In the first phase of transaction testing, which ran from April to June last year, 81,000 people took part through e-wallets and carried out 114,880 transactions using deposit tokens. The first phase examined the deposit-token payment system, while the second phase will focus on commercialization.
Government bond tokenization pilot planned for next year
Separately, South Korea's Ministry of Economy and Finance said in its second-half economic growth strategy released on the 15th that it will push ahead next year with a pilot project for tokenized government bonds linked to the Bank of Korea's wholesale CBDC.
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