The Bank of Korea has launched the second phase of its digital won pilot, expanding to nine commercial banks

According to CoinDesk, the Bank of Korea has officially launched the second phase of the digital won pilot project, collaborating with nine commercial banks to conduct real-world testing of Deposit Tokens, covering government subsidy distribution and nationwide consumer payment and transfer services.

This phase of the project is named "Project Hangang," adding Kyongnam Bank and iM Bank to the original seven banks, to jointly test the won-pegged deposit tokens built on the underlying architecture of wholesale central bank digital currency (Wholesale CBDC). One of the core objectives is to reduce payment costs and provide low-cost payment alternatives for large enterprises and small and micro merchants that bear high credit card fees.