According to Foresight News, the South Korean Financial Services Commission approved five innovative financial services during its regular meeting on July 15. Among them, the second phase of the deposit token payment settlement test within the Bank of Korea's CBDC system, known as the 'Hangang Project,' has officially advanced. Gyeongnam Bank and iM Bank have been added as participating institutions, while the designations for the original seven banks — KB Kookmin, Shinhan, Woori, Hana, Nonghyup, Industrial Bank of Korea, and Busan Bank — have been upgraded. Key changes include expanding the deposit token wallet cap from 100,000 to 500,000, raising the holding limit per wallet from 1 million won (cumulative 5 million won) to 10 million won (cumulative 100 million won), adding a transfer function on top of existing payment features, and introducing a direct payment method via smart contracts.
The meeting also approved a low-interest loan service jointly offered by Kakao Bank and Busan Bank for small and medium-sized enterprises and individual business owners, as well as a prepaid card service from Naver Financial and Orange Square for foreign tourists visiting South Korea, with a limit of 1 million won, which does not require local identity verification.
South Korea's CBDC Pilot Expands as 'Hangang Project' Enters Second Phase
2026-07-15 09:10:37
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