TechFlow News, July 20. According to Yonhap News Agency, the Bank of Korea is accelerating the second phase of the proof-of-concept project based on Central Bank Digital Currency, the "Han River Project". If system development and participant recruitment are completed as planned, the live transaction test of deposit tokens will launch as early as September and will continue on an indefinite basis. The number of participating banks in the second phase has increased from 7 to 9, adding functions such as peer-to-peer transfers, biometric authentication, and automatic deposit and withdrawal of deposit tokens, while usage scenarios will also be extended to merchants signed by participating banks.
Meanwhile, the South Korean government will also promote issuing subsidies for electric vehicle charging facilities using deposit tokens, and study including treasury funds such as public sector business promotion fees into the pilot.
