The Bank of Korea Officially Launches Digital Won Pilot Project Phase 2

BlockBeats News, March 18th. The Bank of Korea officially launched the second phase of the digital won pilot project, collaborating with nine commercial banks to conduct deposit token real-world scenario tests, covering government subsidy distribution and nationwide consumer payment and transfer services.

The project in this phase is named Project Hangang, with the addition of Kyongnam Bank and iM Bank to the existing seven banks, jointly testing the won-anchored deposit token built on the wholesale central bank digital currency architecture. One of the core goals is to reduce payment costs and provide a low-cost payment alternative for large enterprises and small and micro-merchants facing high credit card fees.