Bank of Korea begins phase 2 of 'Project Hangang' CBDC experiment

The Bank of Korea has officially launched the second phase of "Project Hangang," its experiment for commercializing a central bank digital currency (CBDC), News1 reported. Kyongnam Bank and iM Bank will join the seven existing participants: KB Kookmin, Shinhan, Woori, Hana, IBK, NH Nonghyup, and Busan Bank. The banking sector is expected to use this second phase as a testbed for applying "deposit tokens" to existing services.